So don’t get me wrong, I love staff picnics and BBQs as much as anyone and think they are a great opportunity for staff to bond outside of their regular departments and duties. In fact as HR it is often both my responsibility and pleasure to help plan these events for my organization! However when you start to think about what can go wrong from an employer responsibility perspective rather than an employee engagement perspective; you begin to wonder if the prospective summer BBQ will balloon into a colossal blunder.
Board members and senior management are quite familiar with compliance requirements for CEO and CFOs certification and the importance of maintaining strong internal controls over financial results. The certification process extends to internal controls over income taxes balances in the financial statements. For the majority of companies with a well-staffed tax department, monitoring controls remain the strongest control and most frequently used. Senior management is however, frequently unaware of the potentially material risk associated with tax plans implemented in the past; undergoing an annual TPIR assists in mitigating this risk to a manageable level.