INTERNAL CONTROLS, POLICIES AND PROCEDURES MANUAL FOR PROFESSIONALS

99 % of the issues related to internal controls over financial reporting are due to a lack of or noncompliance with documentation. According to the Securities and Exchange Commission (SEC), Office of the Chief Accountant, accounting documentation, policy, and/or procedures make up 99 percent of ineffective internal controls over financial reporting issues.

This manual is intended as a companion to Accounting and Finance Policies and Procedures also published by John Wiley and Sons. Each is designed to include a discussion of the key issues or barriers to implementing an effective program and offers program and documentation solutions to address the issue.

For example, the Accounting and Finance manual discusses the scope and requirements of a documentation program including the policies and procedures for establishing a policy and procedure program. The Internal Control manual discusses the governance journey from Big G to little g governance, risk, documentation and oversight. The Internal Control Program policies and procedures and, of course, the individual testing guides.

These volumes are intended as companion books and reference. If and/or when a company needs coaching, support or assistance, contact the Policyguru through www.idealpolicy.com. In addition, IDEAL™ is always looking for partners who are interested in learning and applying the process, project and program management skills and tools to improve any business application.

You may order the book and access more information regarding it from www.amazon.com.

This section features some of the more frequently asked questions and responses from the PolicyGuru. The responses are aimed at for-profit organizations whether publicly or privately owned.

Clicking on a question will open the FAQ page. Send questions to the PolicyGuru: policyguru@idealpolicy.com.

  Q. How does a policy differ from a procedure and why do I need both?

  Q. Who owns and approves policies?

  Q. How many policies are enough?

  Q. How often should policies and procedures be reviewed and/or updated?

  Q. I need to write a policy and procedure and I don’t know where to start.

  Q. Why is there so much emphasis on process and documentation?

  Q. How do documented processes improve governance?

  Q. Since process occurs at the transactional level, what is the role and responsibility of the senior accounting and finance leaders?

Program Manage your Accounting and Finance Policy and Procedure Program

 
 
 
 

Date: May 15, 2009
Time: 9:00am to 5:00pm
Place: Minneapolis, Minnesota

Target Audience :
Accounting and Finance professionals, CPAs who want/need an additional resume skills, those tasked with the responsibility of establishing or re-vitalizing a Policy and Procedure Program.

Course Objectives :
Participants in this intensive one-day hands-on training have the opportunity to bring a Table of Contents and/or sample documents to work with or examples will be provided. By the end of this course, participants will have experienced the steps of the end-to-end Program and shall be able to prepare and evaluate policies and plan and run the Program itself.

Agenda :

• Program Management and the Program journey
• Anatomy of a Policy and Procedure
• Identifying and creating policies
• Defining and documenting procedures
• Managing and reporting on the Program

Run semi-annually in May and October, this course is fun, interactive, informative and practical. Whether you are a new CPA or a staff accountant struggling to differentiate yourself from the pact, this is an excellent opportunity to learn and network with peers.

Register Now: Class size is limited to 12. Registration fees include course, Accounting and Finance Policy and Procedure book published by John Wiley and Sons, Continental Breakfast and Lunch.

Pre-register by April 15 for a price of $575
Register after April 15 for a price of $650

Send an email to Policyguru@idealpolicy.com with May 15, 2009 Workshop on the Subject line. Include your name, contact information and what you would like to achieve from the event.

Policies are designed to reflect the "highest common denominator" that applies to all of your company's national and international locations, divisions and business units and includes chapters to address the basic functional business units within: Accounting and Finance, Human Resources, Legal, Information Technology, Sales and Marketing, Manufacturing and Operations. Policies reflect a Company's philosophy and culture and should provide strategic direction.

Procedures provide a high level "how to" framework and should identify: authorization limits, required approvals, systems and/or manual type controls to address accuracy, relevance, timeliness and separation of duties issues. Where and as applicable, metrics and formula should be included for clarity and consistency. Procedures should serve as the introduction to a job description, ISO related procedures or more detailed work instructions.

A Policy and Procedure Program ensures a consistent format, draft and approval process to create, revise, issue, test and rescind policies. Individual policies may have their own program (e.g., Occupational Health and Safety, Travel and Expense) and may require additional documentation to meet information and/or regulatory needs.

A Project is event-based with a defined beginning and end. Examples of projects include: preparing individual documents, gaining concurrence and approval to issue the individual document. Each of these outcomes can be defined as a single deliverable with each deliverable following a proven process.

A Process requires a definable, repeatable, predictable, measurable, integratable series of activities. Activities such as implementing, monitoring and improving a process are part of the program. The activities represent a proven methodology or approach which when followed produce consistent high quality deliverables.

Program Management encompasses projects and processes. A Program is more than a project and includes a broader purpose. Similar to project managers, program managers oversee the project or program and monitor transactions as they progress through the process. Unlike project management, Program management does not end when the project event is complete.

Accounting Policies and Procedures follow GAAP and include the ones which are identified within your annual report and other outward facing documentation.

Finance Policies and Procedures document the way internal transactional processing, analysis and decision making is conducted within your Company.

"Big G" and "little g" governance - Big G governance originates from sources external to the company while little g governance originates from inside. The objectives and drivers for big G Governance are Market Stability and the Protection of Investors while the objectives of little g governance are to comply with reporting and disclosure laws and regulations and to provide consistency, accuracy and timeliness for reporting purposes.

Our staff is prepared to assist with your documentation needs including and not limited to:

• Consult to establish, monitor and assess the Policy and Procedure program.
• Edit new or existing policies and procedures for readability, accuracy and potential process shortfalls.
• Evaluate Policies and Procedures for internal control components that can be used within the Sarbanes-Oxley environment.
• Develop education and training materials for specific policies.
Top