“There is a perception that corporate governance is just more legislation put in place by bureaucrats to make doing business even tougher than it actually is. However, the fact is that these processes actually aid businesses rather than hinder them,” says Stephen Corrigan, MD of Palladium Business Solutions.
Businesses may not realise that their accounting system holds the key to good corporate governance.
When running a business, pretty much everything that you need to do is impacted by good governance. For example, if you want access to finance, you need to be able to prove that you have adequate controls in place that mitigate both risk and contingent liabilities.