As a business owner, you understand the importance of fostering an environment of consistent internal controls within the accounting cycle. The opportunity for fraud, defalcation, or the misappropriation of assets can exist when there is one or more active participants involved in recording transaction, authorizing transactions, and maintaining custody of cash. At times it is beneficial to evaluate and grow the internal control environment within your business. 


What we do for you...

  • Implement segregation of duties so that duties are divided, or segregated, among different people to reduce risk of error or inappropriate actions. No one person has control over all aspects of any financial transaction.

  • Make sure transactions are authorized by a person delegated approval authority when the transactions are consistent with policy and funds are available.

  • Ensure records are routinely reviewed and reconciled, by someone other than the preparer or transactor, to determine that transactions have been properly processed.

  • Make certain that equipment, inventories, cash and other property are secured physically, counted periodically, and compared with item descriptions shown on control records.

  • Provide employees with appropriate training and guidance to ensure they have the knowledge necessary to carry out their job duties, are provided with an appropriate level of direction and supervision, and are aware of the proper channels for reporting suspected improprieties.

  • Document policies and procedures and make them accessible to employees. The documented policies and procedures provide day-to-day guidance to your staff and continuation of duties in the event of prolonged employee absences or turnover.

  • Review operations to ascertain whether results are consistent with established objectives and goals and whether the operations are being carried out as planned.

 
 

If you'd like more information about our internal control services please complete this form.

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