Knowledge and Insights
What was initially anticipated as only a short-term disruption to our normal, everyday lives, has caused a multitude of changes to the way we do business, some of which appear to be here for the long haul.
One of the most notable changes caused by the COVID-19 pandemic, is the transition to a remote work environment. The future is uncertain, but whether it continues as is or evolves into a hybrid model – it looks like working remotely is here to stay.
While there are many benefits to working remotely, there are inherent challenges as well. One of the main challenges is ensuring adequate policies and procedures are in place and being carried out effectively to maintain your organization’s compliance.
For example, a specific issue may have surfaced if your organizational structure was altered due to pandemic-related staffing changes and the transition to a remote work environment. In instances such as these, it’s important for businesses to reassess individual staff roles and responsibilities, internal reporting chains, methods of storing and securing documentation, along with overall document retention best practices.
As has always been the case, a business’s compliance with mandated contracts, regulatory or governing standards, or any prescribed authoritative oversight and guidance is only as strong as its documentation.
Now more than ever, it is imperative for organizations to maintain sufficient and organized documentation, preferably electronically. This is especially important for businesses who may be:
- Subject to regulatory oversight or monitoring during their normal course of business, such as:
- Financial statement audit
- Operational or compliance reviews
- Performance audits
- Performing services that are eligible for cost reimbursement, such as healthcare providers
- Recipients of state or federal funding:
- Tax credits
- Paycheck Protection Program (PPP) loans & other COVID-19 funding assistance
Whether it be the direct governing body performing compliance oversight procedures and audits or a third-party professional services firm, it is essential for businesses to maintain documentation that is:
- Readily available & easily accessible – stored electronically
- Clear and concise & provides evidence of compliance with required provisions
- Able to be transmitted to requesting parties efficiently & securely
- Organized in a fashion that aligns with oversight or audit objectives
Mercadien’s Compliance Oversight Group can assess if your organization is in compliance – whether it be contract or regulatory – and assist in developing and implementing the proper policies and procedures needed to maintain compliance in a virtual environment. Our team can also help evaluate your organization’s current processes to mitigate risk and identify efficiencies. Contact me at firstname.lastname@example.org or 609-689-2380 to get started today.
DISCLAIMER: This advisory resource is for general information purposes only. It does not constitute business or tax advice and may not be used and relied upon as a substitute for business or tax advice regarding a specific issue or problem. Advice should be obtained from a qualified accountant, tax practitioner or attorney licensed to practice in the jurisdiction where that advice is sought.