Do you think your business has a strong culture of accountability? Do people feel proud to work there and committed to getting things done? Do you think employees clearly know what is expected of them and how their performance will be rewarded?
Executives, decision makers, and management in general have a finite amount of “Management Attention Units” (MAUs). So, what are MAUs anyway? We use this general term to refer to time used by management to carry out core supervisory duties. Management’s time – a very valuable and finite commodity.
Why do some employees seem always to get things done on time and as expected, while others struggle? Is it in their DNA? Is it an organizational culture that condones missed deadlines so that some people do not feel the pressure to perform as well? Are incentives, like bonuses, or penalties, like losing a job, accomplishing their objectives?
When a company is charged with financial statement fraud, the first question asked is “Where were the auditors?”
But auditors can only insure accurate financial reports in a robust business environment where every stakeholder has bought into the importance of internal control procedures and their documentation.
Creating an internal control integrated framework over subjective and complex accounting areas such as revenue recognition, loan impairment and valuation is especially challenging, and insufficient internal control procedures can leave an organization dangerously open to fraudulent financial reporting.
Making the transition from being an entrepreneur-led business to one that operates as an “institution” is not easy. A business that deals with everything that comes their way in a reactive, ad-hoc, team-based manner is not scalable. So, start with clearly defining and communicating a function-based org chart that nicely follows your value-chain.
Headache-causing. Frustrating. Sluggish. These are some of the terms that go through our heads when trying to decode the complex regulatory requirements of Sarbanes-Oxley (SOX).
Nowadays, we are spending more and more time working at all hours of the day and night. Worst yet, we talk ourselves into believing that things will get better soon.