Unintended Consequences

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 […]

Protecting Your Investment

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 Rule

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 […]

Melting Governance

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 Strategies Contribute to Risk

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 […]

International Operations

International Operations – When Something Doesn’t Seem Right

Safeguard Your Assets and Protect Your Investment You have built your company into an international powerhouse. Whether through organic growth or through acquisitions, you have operations in other parts of the world. While nothing is perfect, business has been humming along. You’re hitting your growth numbers – which in this economy is saying something – […]

Boardroom Digital Literacy: R U Talking to Me?

[This article was contributed by Fay Feeney, CEO of Risk for Good] Boardroom protocol is being exposed every day on the internet. Does Rupert Murdoch really think we can’t see beyond his prepared remarks to determine for ourselves the “tone at the top” coming from his boardroom? No need for board activists to add to […]

policy procedure audit risk

Policies and Procedures: a Project for Internal Audit

Are Policies and Procedures important? We certainly think so, unfortunately many companies have old, outdated Policy and Procedure manuals while some have none at all. As companies and internal audit departments are planning projects, consideration should be given to reviewing and updating the Corporate Policies and Procedures. Policies and Procedures are a company’s way of […]

Board Director and Audit Committee Member Independence

Written by Sargon Youmara, Partner, Vonya Global Audit Committee Member independence as it relates to SOX section 301 definitions and SEC Rule10A-3 (specifically the definitions of “affiliate” and “affiliated person”) proves to be an area clouded by many shades of gray. In short, a clear and explicit definition of an “affiliated person” or “affiliate” is […]