Internal Controls at a Business

Internal controls are perhaps the single most important aspect of a business. It is right up there with having a sound business model and demand for one’s goods or services as probably the three most important requirements for a successful business.

At times you may need a trained outside professional to evaluate your company's operations to determine if the appropriate controls are in place to ensure proper handling of resources and to protect yourself from employee theft. We assess your internal control systems to determine the efficiency and effectiveness of your operating procedures. Then we make recommendations that help your company become stronger and more profitable by correcting any inefficient or ineffective operating procedures we find. What we do for you:

Implement segregation of duties so that duties are divided, or segregated, among different people to reduce the risk of error or inappropriate actions. No one person has control over all aspects of any financial transaction.
Ensure transactions are authorised according to procedure: by a person delegated approval authority, for transactions consistent with policy and when funds are available.
Ensure records are routinely reviewed and reconciled, by someone other than the preparer, 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.

Services / Internal Controls at a Business

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