Internal controls over financial reporting play a critical role in management's ability to meet its objectives, effectively manage the organization and secure investor confidence. Evidence has shown that effective internal controls are not likely to exist in an environment void of managerial standards, organizational structure, sufficient accounting staffing, and financial reporting competence and authority at various levels of the organization. The importance of internal controls over the accounts receivable function, specifically credit policy and bad debt decision making, has risen in recent years. This section will cover how companies are effectively, and not-so-effectively, using internal controls to enhance integrity, profitability and long-term growth. U.S. Federal Reserve Wraps Up 2008 Enforcement Actions
December 17, 2008
The Federal Reserve Board is wrapping up enforcement actions for 2008 against individuals alleged to have violated the law, participated in unsafe and unsound banking practices and breached fiduciary duties. The cases surrounding these enforcement actions underscore the importance of internal controls in both banking and non-banking organizations.
Earlier this month, the Federal Reserve Board announced the issuance of final decisions against Kelly M. Dulaney, former Customer Service Manager for the Port Orange, Florida branch of Fifth Third Bank and Julianne L. Gingrich, former Assistant Vice President, foreign currency manager for SunTrust Robinson Humphrey in Atlanta, Georgia. Read below for further details on these and other enforcement orders.
