The Compliance Handbook -Internal Controls with Karen Woody

Thomas Fox
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Internal controls are an organization's processes, regulations, and practices for maintaining corporate governance's accuracy in fostering transparency and avoiding fraud. Internal controls may help enhance operating performance by improving the accuracy and reliability of financial statements, in addition to compliance with laws and legislation and discouraging workers from embezzling assets or committing fraud.

In another uber-treat episode See more +

Internal controls are an organization's processes, regulations, and practices for maintaining corporate governance's accuracy in fostering transparency and avoiding fraud. Internal controls may help enhance operating performance by improving the accuracy and reliability of financial statements, in addition to compliance with laws and legislation and discouraging workers from embezzling assets or committing fraud.

In another uber-treat episode of The Compliance Handbook, I've invited Karen Woody to talk about internal controls' role in compliance.

Key takeaways discussed in the chapter:

• Understand how internal controls are compared to smoke alarms that go off if there's some wrongdoing happening.

• Dive deeper into the four keys of internal controls for compliance. Learn how to use each key in your goal to have an ethical company.

• Get the point that Internal controls can change, evolve, and grow as the bad guys get more sophisticated. Find the solution on how your organization can implement a dynamic policy.

• Wade through the COSO 2013 Internal Controls Framework and see if the same policies will work for your organization.

• Have knowledge of how the SEC views internal controls and why we have non-bribery SEC internal control enforcement actions.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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