Seminar on best practices in financial controls

MANILA, Philippines -  The Center for Global Best Practices (CGBP), in collaboration with Isla Lipana/ PriceWaterhouseCoopers, is holding a one-day seminar entitled, “Best Practices in Financial Processes and Controls” on Thursday, November 15, 2012 at Peninsula Hotel, Makati City.

Participants in this special program will learn the best practices in how to design and implement financial controls that will safeguard assets, enhance integrity of financial reports, and protect businesses from operational risks.

For more details, check www.cgbp.org. You may also contact CGBP at (02) 556-8968/ 69; Cebu lines (032) 512-3106/ 07; Baguio telephone (074) 423-5148.

Whether you are a corporate giant or a small family owned firm, business systems and operational processes can only function efficiently and effectively they have the right internal controls.  Left unchecked and not given attention, internal control systems are where much “hocus pocus”, such as fraud, theft, fake financial transactions and other business crimes often take place. 

In the aftermath of numerous business scandals that have led to the collapse and business failure of even the biggest companies and marquee brands, the subject of internal controls has taken a global centerstage.   Governments have instituted stricter regulations for publicly listed companies to curb internal controls manipulations. Moreover, private companies around the world that espouse best practices are investing more of their resources to strengthen all possible weaknesses in their financial processes and controls.

Effective internal controls are crucial to a company’s operations. It is your “regulator” and defense against losses in key areas like procurement, payroll, sales, cash disbursements and other business activities needed to complete a business transaction. Internal controls can “help an entity get to where it wants to go, and avoid pitfalls and surprises along the way”.