In the wake of respectfulness issues in public corporations, polity is struggling to intervene in an effective manner. New laws and regulations such as the Sarbanes-Oxley Act of 2002 (Sarbox) and the Committee of Sponsoring Organizations of the Treadway Commission are present to provide regulatory guidelines and stiffly penalties for those firms out of compliance. The company that employs me is worry and Training Corporation (MTC). It is a privately held corporation that subcontracts for the instruction and study opportunities of government facilities. I am an instructor at a national Job Corps Center, but MTC overly executes programs at domestic and international correctional facilities as well.
In recent months, MTC has been debating going public. Currently, MTC has revenues in between 8-10 million p.a. and is in line to win several bids for other training and correctional facilities (MTC website). There have been issues regarding cash flow and underfunded projects that do not ever reach the projected potential. With this in mind, this narrative is written to evaluate and propose a compliance visualize for this firm.
Develop Internal Control and Corporate Governance system
Compliance and governance are not unique concepts to businesses.
As complianceâ€"or non-compliance, ratherâ€"can carry stiff penalties, it is imperative that firms bankrupt and implement internal controls and a unshakable corporate governance system. The strategic planning that necessary to develop a perpetual compliance policy includes identifying and creating preventive, detective, and corrective controls knowing to support compliance through both internal and external auditing processes.
MTC should first develop preventive controls to avoid any and both compliance violations. The text states that preventive controls include the development of guidelines, compliance teams, and the detailing of expectations in the review of policies, potential ethical dilemmas, and changes in...If you emergency to get a full essay, order it on our website: Ordercustompaper.com
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