Marcela Kane Lantrip is an international professional who specializes in managing overseas tax responsibilities for large organizations. Among the many duties of a pro like Marcela Kane Lantrip is identifying, reducing or avoiding material weaknesses. These specialists might use methods and tools like those below to help organizations avoid material weaknesses…
Regular issue assessment should encompass all branches of an organization to reduce problems and to ensure comprehensive understanding of all duties between all employees. Issue assessment is often implemented through company meetings or delegated to an assigned risk assessment specialist who specializes in identifying and solving risks before they create material weaknesses.
Creating checklists of necessary actions can avoid or remedy material weaknesses by ensuring that all intended practices are followed. For example, a checklist might ensure that re-evaluation takes place on a regular basis, documentation is properly reviewed, people issues are handled promptly, and the tax department remains up-to-date.
Developing clear job descriptions can help avoid material weaknesses by ensuring that all necessary information is conveyed to related parties. Without clear job descriptions, an employee (or an entire department) might become mismanaged or misinformed based on his, her or their understanding of what the job entails.
Even if you run a small organization and you cannot afford to hire a pro like Marcela Kane Lantrip full time, enlisting the aid of a tax specialist each year can greatly reduce your risks and improve your filing. Consider contacting a pro for a consultation to learn what he or she could do for your organization.