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McKinsey & Company, a worldwide management consulting firm that conducts qualitative and quantitative analyses in order to help businesses evaluate management decisions, found that an unhappy customer tells between 9 and 15 people about his or her experience. In fact, 13 percent of unhappy customers tell more than 20 people about their experience. The challenge for us then is: how do you get the pulse of your customers before they tell others about their bad experience? The common method used to measure such pulse is usually the client satisfaction survey (CSS). But how effective are these surveys, especially for professional services firms?

How should a company go about choosing an external auditor? What factors must it consider in deciding whether a CPA would be able to perform a good audit? The answer to these questions depends on the value that management and the other users place on the audited financial statements. Is audit just needed for regulatory compliance and submission to government agencies? Is it obtained because banks and creditors require it? At face value, these maybe the obvious reasons why businesses undergo an audit. However, good governance and best practices on financial management requires for a good audit to be performed as it attests to the fairness of the information contained in the financial statements and disclosures issued by the company.

When bribery and corruption run rampant within governments, they greatly erode our social fabric—negatively impacting such things as the provision of services such as schools, roads and hospitals, standards of living and global climate change efforts. They are estimated to cost the global economy upwards of one trillion dollars per year. Over the last four years, many countries have been working together to build upon those original 1999 commitments and create stronger anti-corruption and anti-bribery regulations—a step that has resulted in phenomenal progress worldwide. While this is definitely something to celebrate, there is still a lot of work to be done. While many large public corporations have taken the necessary steps, many private businesses in the middle market have not turned their attention to this issue, yet. If you’re a private business owner, it’s time to implement anti-corruption and anti-bribery policies in your organization—if you haven’t already. Getting started doesn’t have to cost you big bucks either. Here are some affordable steps you can take to get the ball rolling.

As an employer, do you know that your obligation goes beyond remitting your employees’ (plus the employer’s) statutory contributions to various government agencies such as the Social Security System (SSS), Philippine Health Insurance Corp. (PhilHealth) and Home Development and Mutual Fund (HDMF)?

statements (FS) in relation to a resolution by the Board of Accountancy (regulator) requiring the submission of a “certificate” by the CPA preparer of the FS, which should be attached to the audited FS filed with the SEC and the BIR. Just for clarification, the FS preparer is a person separate and distinct from the external auditor. There have been continuing developments regarding the resolution but which do not cure the controversies that initially arose. As a long-standing member of the profession, I feel I have a responsibility to continue to express my thoughts on these persisting issues.

When it comes to increasing the value of your business, the old adage rings true: It’s about the journey rather than the destination. Increasing value is an ongoing process—a process that involves the regular assessment of your business’s strengths and weaknesses. The process should ideally lead you to opportunities that allow you to build upon the former, while remedying—or eliminating—the latter. Because you never know when the need for financing—or the decision to sell—may present itself, you should always be searching for new ways to increase your company’s value. While there are obviously external factors that can play a role in how much your business is worth, there are also many things you can control. These may include:

MOST of us are being kept busy by two things—the First Quarter operations report and the tax filing deadline on April 15. And this being the Philippines, we’ll also be engrossed watching and listening to the candidates campaigning for their respective positions. Thus, it is understandable that only a few have given attention to the additional information being required of individual taxpayers for their Income Tax Return for calendar year 2015.

Nowadays, management itself (especially of those companies that are publicly listed) can manifest that it has designed and implemented internal controls related to financial reporting in several ways. Whenever the chairman, CEO, or the president and the chief financial officer sign the Statement of Management Responsibility accompanying a financial statement, they not only take responsibility for the financial statements but also provide assurances that adequate and effective controls were all in place. The Annual Corporate Governance Report (ACGR) issued by the Security and Exchange Commission (SEC) requires disclosure related to the internal control system of the company. Also, the Code of Corporate Governance specifies that companies establish, evaluate and monitor financial reporting controls to ensure the integrity of financial reports. How does one strengthen the financial reporting and internal control process within one’s organization?