Every organization is formed on some overarching goal & objective, such as building a profitable business by satisfying a need or a not-for-profit organization dedicated toward a charitable focus that guides its actions.
When calculating your taxes, it is important to understand your deductible expenses and eligible tax credits that you can claim. Deductible expenses are subtracted from your income before it can be subjected to taxation. Understanding these expenses will help you go a long way in reducing tax liabilities. Tax credits, on the other hand, are […]
“Risk comes from not knowing what you are doing.” -Warren Buffett New ERM Framework In September 2017, the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) published its revised enterprise risk management (“ERM”) framework which is now titled ERM – Integrating with Strategy and Performance. The original framework called ERM – Integrated Framework was […]
Every internal audit function has its own internal audit framework which is Internal Audit Charter (the “Charter”). The Charter outlines the organizational status and role of the internal audit function, independence and governance, etc. However the Charter usually provides high level guidance, and therefore, it is also essential to have a robust Internal Audit Manual […]