Internal Controls
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 protect yourself from employee theft. For the purpose of evaluating the effectiveness and efficiency of your operational procedures, we will evaluate your internal control systems.
• 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.
• Make sure transactions are authorized by a person with 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 the 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.
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What we do for you….
Implement duty segregation so that tasks are divided or separated among several individuals to lower the possibility of error or inappropriate behavior. No one individual has complete authority over any financial transaction.
• When transactions are in line with policy and funds are available, make sure they are approved by a person with delegated approval authority.
• Make sure that records are regularly checked and reconciled by someone other than the preparer or transactor to make sure that transactions have been handled correctly.
• Use segregation of duties to divide or separate tasks among different persons in order to lower the possibility of error or inappropriate behavior. No one individual has complete authority over any financial transaction.
• When transactions are in line with policy and funds are available, make sure they are approved by a person with delegated approval authority.
• Make sure that records are regularly checked and reconciled by someone other than the preparer or transactor to make sure that transactions have been handled correctly.
• Evaluate operations to see if they are being carried out according to plan and if results are compatible with defined objectives and aims.