The implementation of an effective compliance management system is becoming an increasingly important issue for small and medium-sized companies. The reluctance that is still widespread, especially among small companies, harbours liability risks that should not be underestimated and can even prevent business deals. Compliance management is considered a key management element; however, small and medium-sized…
In many companies, compliance is still perceived as an unnecessary additional burden and as a restriction on entrepreneurial activity. There are good reasons, especially from an entrepreneur’s point of view, to tackle the topic quickly and in a structured manner. Why compliance? The term “compliance” still has predominantly negative connotations on the executive floors of…
Internal auditing determines how well a company maintains operational efficiency and manages accounting processes while adhering to standard rules and regulations. Internal audits investigate a company’s internal controls as well as corporate governance and accounting procedures. They provide management and the audit committee with unbiased assurance on the structure and operation of the organization’s…
Enterprise valuation is the process of estimating the market value of your business. This complex but highly effective method is urgently needed in several legal circumstances and offers unique advantages to the entrepreneur. Valuation indicates a lengthy, multi-stage process that calls for a specialist with specialized skills. The following circumstances urge us to carry…
Thriving organizations can suffer rapid and significant reputational damage when the mistakes of their leaders are made public. Today, many continue to think that internal audits should be limited to assurances in risk management and internal control. However, internal auditing consulting services can help an organization to achieve its goals by using a systematic and…
Internal audit has long been an integral part of the most successful state, public and commercial organizations in all developed countries of the world. The increase in the dynamics of business development creates new risks and to minimize them, it is necessary to use all modern control mechanisms, one of which is internal audit. Internal…
One of the most important business procedures for every company is inventory management. This is done by keeping track of the company’s inventory items and checking for any quality or quantity standards about their size, quantity, etc. Inventory control is a crucial component of longevity since it enables companies to reduce expenses, enhance cash flow,…
The dynamic and complex tasks that today’s organizations must do are made easier by standard operating procedures. Each employee involved in the activity or process is given a clear description of their responsibilities and tasks. It outlines what the firm expects from the employees and how it will be carried out, providing them with clears…
The recording accuracy of bookkeeping determines an organization’s actual and accurate financial situation. An organization’s balance sheet and other significant financial statements are prepared and reported using the whole accounting process. Therefore, it is crucial that the bookkeeping is precise, and up-to-date, and captures all financial transactions before expanding, taking out a loan, or reporting…
Even though the physical verification of fixed assets may take some time for high asset-based enterprises to complete for the first time, the benefits of a controlled environment and effective resource allocation could be enormous. Fixed assets can be physically verified by a corporation either internally or by appointing a specialized outside organization. Below is the procedure for…
