KnowledgeLeader Blog

Defined policies and procedures play an integral role in efficient and effective company operations. They are also key to the company’s internal control environment.

The accounts payable process is all about how a company pays its bills. For most companies, accounts payable begins with receiving an invoice and ends with issuing payment to the supplier. Usually companies pay invoices on a daily, weekly, or semimonthly basis. In addition to paying invoices, the accounts payable group typically has responsibility for managing accounting policies that affect supplier relationships and cash management.

Companies generally follow a standard set of activities for processing an invoice for payment. The accounts payable staff:

Audit planning sets the tone for the audit. If audit planning hasn't been done well, it can make the entire audit much more difficult. You should be answering four key questions during audit planning:

How many directors can name a chief risk officer who has advised them and the executive team that the organization is too risk-averse? In the digital age, not enough.

It has always been understood that one must take risks to grow. And typically, the more risk one takes, the higher the potential return. Conversely, a risk-averse mindset leads to a lower return. Given the pace of change in the digital age, the reality is such that it’s not just a matter of taking risk to grow or generate greater returns — it’s also a matter of survival. That’s why organizations might have to undertake more risk than they may be accustomed to taking if they are to survive.

Project management risk is significant because of its lasting implications. By definition, a project is a “temporary endeavor undertaken to create a unique product or service and involves doing something that has not been done before.” Thus, it is reasonable to expect projects to involve a high degree of risk, and statistics support that expectation.

There are several key phases of the mergers and acquisitions (M&A) process:

• Growth/Portfolio strategy
• Due diligence
• Integration planning
• Integration execution
• Project management
• Change management

Business continuity management (BCM) is the development of strategies, plans and actions that provide protection or alternative modes of operation for activities or business processes which, if they were to be interrupted, might otherwise bring a seriously damaging or potentially fatal loss to the enterprise.