Internal Controls in Accounting for publicly traded companies. Regulations and Guidelines for the
President, CEO, and CFO.
By: Accounting 504
Table of Contents
II. Rules, Regulations, and Guidelines
III. Advice to LBJ Company
This document is intended to serve as an informational piece regarding steps and procedures that would need to be followed for the purposes of bringing a privately held company into regulations with the intent of becoming a publicly traded company. The intended audience for said information will include all decision makers and accounting representatives, including but not limited to, the President of LBJ, CEO, CFO, controller, treasurer, and any applicable accounting personnel. This informational forum will include topics such as SEC guidelines, internal controls, rules and regulations, transparency and integrity, and investor relations. The overarching theme of this document will be how accounting principles will directly relate to shareholders interest. According to the financial advisory service McGladrey, “Going public marks the beginning of a new era for your company. But before you go public, you need to examine your financial processes and control environment, focusing on the transparency of financial reporting processes and the strength of your controls over financial reporting”. http://mcgladrey.com/Financial-Advisory-Services/Financial-Process-and-Controls . This would include such preparations as a companywide risk assessment to identify potential risk and what controls are currently in place to minimize these risks. These assessments would also include ensuring regulatory and SOX compliances before the initial public offering should take place. All established controls, regarding accounting and financial regulations must then be certified by both the CEO and CFO to ensure that adequate and sufficient controls are in place. Based on...
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