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The staff of SOLitude Lake Management spent Valentine's Day on a project with heart - volunteering with the Foodbank of the Virginia Peninsula. They assisted in the "Backpack Program," which provides students at 20 elementary schools with packets of nutritious items that children take home so that they have food for the weekend. SOLitude staff members were able to stuff hundreds of "backpacks" and make it possible for the Foodbank to meet its delivery schedule for the coming week. SOLitude Lake Management is a lake, pond and fisheries management company based in Virginia Beach and Newport News.
Section 302 of the Sarbanes-Oxley Act of 2002 (SOX) requires that CEOs and CFOs of public companies, in connection with the filing of periodic reports under the Securities Exchange Act of 1934, disclose any changes in their internal control systems. SOX section 404 further requires that management present a report assessing the effectiveness of its internal controls and that such assessment report be audited by a registered accounting firm. The Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued Guidance on Monitoring Internal Control Systems in January 2009. The guidance provides a model for company management to design and implement an internal control assessment program. This article addresses the issues of designing such a program. The first section deals ...
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