International Business Risk

The Risks of Conducting Business Internationally

Conducting business internationally carries many risks that domestic business does not. International business involves exposure to local economic conditions, fraud, and bribery. Business can be interrupted by political problems such as insurrections, problematic diplomatic relations, hostility from locals, and volatile foreign governments. Unstable currency exchange rates and exchange restrictions can also complicate international dealings. Finally, […]

Handling Misconduct at the Management Level the Right Way

Written by Sargon Youmara, Partner, Vonya Global Recently, the SEC awarded a whistleblower with more than $300,000. Though the employee first reported misconduct internally, the company failed to act and suffered greater consequences for inaction. This was the first such award given to a whistleblower working in compliance, and acts as a signal to the […]

Creating Speak Up Culture

Creating a Speak Up Culture

Written by Sargon Youmara, Partner, Vonya Global Research and case studies have proven that a majority of employees do not speak up when they see fraud or misconduct in the workplace. This is true across a spectrum of businesses, even when employees have great IT security, sound internal audit procedures, and other corporate resources to […]

Fraud Prevention for Venture Capital and Private Equity

Written by Steven Randall, Partner, Vonya Global It happens all the time, human capital / resource constraints at start-ups and small to medium sized companies limit the ability to have a robust accounting and finance staff. In most cases one person is typically responsible for many tasks. When these tasks overlap, like: reviewing and paying […]

Construction Audit

Using Audit to Reduce Costs of Major Construction Projects

Written by Steven Randall, Partner, Vonya Global Organizations involved in major capital projects are missing out on significant opportunities to reduce costs. This is not to say that construction managers are fiscally irresponsible, conversely they are very reluctant to spend money where it is not absolutely necessary. So much so that in an effort to […]

Management Review Control MRC

Exhaustive Management Review Control (“MRC”) Testing

Written by Veronika Fritz, Partner, Vonya Global Audit Overkill, CorpGov Necessity, or Value Add? As we have discussed in previous articles, the PCAOB has come down hard on the public accounting firms for the adequacy of internal control testing when conducting the annual financial statement audit at their clients. The result in the current financial […]

Rely on Internal Audit

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 […]

Policy and Procedure Update

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

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 […]