Editor's Note . . .

In this issue, Win McCausland and Tony Caxide focus on how directors can satisfy their fiduciary duties with respect to an organization’s investments, including ERISA fiduciary duties with respect to pension investments. Directors should ensure that their organizations have written investment policies and that those policies are reviewed. In addition, at least with respect to pension investments, directors should oversee that the plans’ assumptions on investment return and the diversification of its assets are reviewed to protect against unexpected under-funding as well as risk of large losses.

We continue our series on government investigations by focusing on what the executive officers of an investigated company should do. We also explore the importance of the board’s role in understanding not only the “why,” but also the “how” of a merger or acquisition: i.e., how the resulting companies or businesses will be integrated and how culture may be affected.

The principles of Sarbanes- Oxley dealing with internal controls now reach all organizations that have audited financial statements. Kevin Kinross has an article entitled, “Why Is My Company NOW Being Told it’s OUT of CONTROL?”, that reviews the requirements of Statement of Auditing Standard 112 that became effective for financial statements ending after December 15, 2006.

Index to Acredula Winter 2008

Why Is My Company NOW Being Told it’s OUT of CONTROL?
How the SAS 112 is out to make privately held companies act like publicly held companies.

Responding to a Government Investigation: As an Executive Officer, What is My Role?
Continuation of the series on responding to a government investigation; this time discussing the role of the executive officer.

The Board’s Role in Mergers & Acquisitions: Do Not Overlook the "How"
The importance of the board’s role in understanding not only the “why,” but also the “how” of a merger or acquisition: i.e., how the resulting companies or businesses will be integrated and how culture may be affected.

When Risk Comes Home
How directors can satisfy their fiduciary duties with respect to an organization’s investments, including ERISA fiduciary duties with respect to pension investments.