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Corporate Governance Quick Tips

December 27
17:13 2012

imagesNo topic what the size your organization may be, big and little alike need to start putting in a large effort in the maintenance and development of their corporate governance policies and programs. Given the number of big scale public scandals that have come to glow over the past decade, one after another one, including Walmart latest FCPA violation scandal, if others do not want to register this list, there are only few things that they will want to understand and system and plans that must be implemented if they are stand a chance.

  • One of the vital steps that any firm must take in the process towards building amazing compliance is in how they manage their documentation. Firms will need to start by sound documenting their conformity programs and principles, an aspect of which should include defining the jobs of the firm’s board.
  • Audit committees should be managed with the aim of monitoring all audit job done by accounting firms, tracking the degree of their services and scope as well as monitoring their fees and independence.
  • The audit board should also incorporate free members, such as a professional in finance.
  • Another board will need to manage with the objective of addressing the topic of compensation for the firm’s executives.
  • Once a corporate governance group has been appointed it will be their duty to guide additional members and monitors the activities of the committee and their work, as well as that of the organizations other executives and committees.
  • Employee job reviews should be applied and formalized.
  • System will need to be implemented and organized which offer workers the capability to report on any suspicious rumors and activity which may amount to an early signal of illicit activities. Additional, workers should be put via training to create them aware of these controls and their use.

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