STRATEGICALLY SELECTING A BOARD THAT WORK IN THE BEST INTEREST OF YOUR COMPANY- Mojolaoluwa Olaifa #BoardroomswithMojola
It is understood that a duly incorporated company possesses a legal personality i.e. is seen as a person distinct from its founders. It has the rights of a physical person and can buy, sell, sue or be sued. It then becomes a valid question, how does a company which is an abstraction perform all of these functions? Through its officers e.g. Board of Directors, Employees, Contractors etc.
How To Prepare For An External Audit- Mojolaoluwa Olaifa #BoardroomswithMojola
Getting an audit is like getting a full medical checkup, except that you are mandated to get this checkup by the government and the appropriate regulatory authorities to ensure that your organisation is in good regulatory standing while carrying out it's functions.
As discussed previously, an audit exercise may get overwhelming for a host of many reasons, however here are some steps ensured to guarantee you a smooth sailing audit experience.
I have come to discover that the issue of Compliance is not one many companies pay attention to (which is very risky by the way) not necessarily because they do not want to, but most times because they do not understand the need.
This was the reason I started #BoardroomswithMojola on some other platforms. We have discussed Subsidiaries and Subsidiary Management so far and now we are moving to Audits.
What are the common challenges most companies and audit departments face when it comes to compliance?
Simply put, a subsidiary is a company owned by another company, usually referred to as a Holding Company or a Parent Company.
Ownership in this regard refers to control.
Why do you need Subsidiaries ?
Expansion of Operations geographically
Structuring your business lines to aid effective management
Diversification into newer markets
To optimize efficiency in a large group
To protect parent companies from certain risks associated with a particular business activity.
Corporate Governance | Strategy | Boards| ESG