Attention Audit Committee: Who Can You Rely On?

Written by Steven Randall, Partner, Vonya Global An article published in the Journal of Accountancy on December 17, 2013 highlighted that the PCAOB is focusing a lot of attention on auditing of internal control over financial reporting. The Center for Audit Quality lists internal control over financial reporting as one of its primary key risk […]

Policies and Procedures: First to be ignored, last to be updated

Businesses around the world have traveled a long, winding, and often times bumpy path over the last decade. The global economic collapse and the ensuing recovery have made it necessary for companies to morph into new structures. The result has become organizations that are lean, dynamic, and more adaptable. However, a significant problem is beginning […]

Licensing Revenue, Are You Getting It All?

Written by Veronika Fritz, Partner, Vonya Global Sales of licensed products has grown for the second consecutive year according to the International Licensing Industry Merchandisers’ Association’s (LIMA) 2013 Licensing Industry Survey. LIMA President Charles Riotto stated: “Our 2013 Licensing Industry Survey shows there is a lot to be optimistic about for retailers and companies of […]

Law of Unintended Consequences Revealed – Chicago Public Schools Example

Written by Steven Randall, Partner, Vonya Global Almost everyone has heard of Murphy’s Law… that’s the one that states: “Anything that can go wrong, will go wrong, and then some.” It is also called the Law of Unintended Consequences, especially when it pertains to a decision you have to make. A number of years ago […]

Investors Beware: Accuracy in Financial Reporting is Not Important

Written by Steven Randall, Partner, Vonya Global The NASDAQ has announced that it is withdrawing their recent proposal requiring listed companies to have an internal audit function. Those who aggressively fought against the proposal are celebrating. Those who supported the proposal are significantly disappointed. Internal Audit is one of the essential pillars of corporate governance. […]

NASDAQ Internal Audit Requirement

Written by Sargon Youmara, Partner, Vonya Global The NASDAQ is making some changes. Are you ready? The NASDAQ has proposed a rule change similar to a rule implemented by the NYSE soon after the enactment of Sarbanes Oxley. The rule requires all companies listed on the NASDAQ as of June 30, 2013 to establish an […]

The Board of Directors and Strong Corporate Governance

Why do financial melt-downs and corporate fraud continue to happen? The implementation of effective corporate governance calls for a positive “Tone at the Top” displayed by corporate leaders who behave ethically and ensure that the business is run according to published ethical guidelines. However, among the CFO’s responding to a 2012 Global Fraud Survey by […]

Compensation = Risk

How may compensation structures contribute to risk in organizations? Executives design strategies to lead their corporations toward excellence. In order to be effective these strategies must be communicated, so individual goals and objectives are created to align responsibilities across the organization. These objectives often are tied to monetary rewards for success. Employees, for the most […]

The “Frankenstorm”
Hurricane Sandy – a Business Case Analysis

The “Frankenstorm” Hurricane Sandy is an example of how quickly a change in weather can become a business disaster. Employees are absent, production comes to a grinding halt, and essential components are stranded several hundred miles away. Companies that rebound quickly have implemented strategies to allow them to manage more effectively when well-oiled processes are […]