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Internal Controls

Internal controls are critical to ensure the integrity of your business and employees, and help in defining the how professional the environment is in which you work. Small businesses may find it difficult to conceal large frauds….  but…..the limited number of people in certain functions mean that the usual cross-checks against fraud may not exist.

A trained objective professional can evaluate a company's operations to determine if the appropriate controls are in place to ensure proper handling of resources. Areas of key focus include travel and entertainment allotments; standing orders; decentralized purchasing; petty cash and gift determination and reconciliation even by trusted employees; personal computer and software purchase and retirement; sole-person departments.

We assess your internal control systems to determine the effectiveness of your operating procedures, assess risk, and make recommendations that help your company become stronger and more profitable by correcting weak procedures.

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    • Implement segregation of duties so that duties are divided among different people to reduce risk of error or inappropriate actions. No one person should have control over all aspects of any financial transaction.
    • Make sure transactions are authorized by a person with delegated approval authority.
    • 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 reconciled 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 have an avenue for reporting suspected improprieties (a whistleblower policy?. we know how to do this?).
    • Document policies and procedures if this will help confirm your policies.
    • Review operations to ascertain whether results are consistent with intended objectives and goals.
    • Issue reports and a work plan of corrective action.

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