winter falls

The best internal control systems are designed to be practical, efficient, and effective.  Our clients often find it helpful to have a third party review internal controls to make sure that they are still working as intended.

Internal controls are the policies and procedures designed to protect your assets, ensure accurate financial reporting, and ultimately assist in achieving your mission as an organization.  The emphasis of properly designed system of internal controls is on prevention rather than detection.

A well designed internal control system includes risk assessment, tests of the control activities, and oversight.  Risk assessment looks at the culture created by management, external relationships, industry factors, and the organization’s financial characteristics to determine which areas are more susceptible to fraud.  Transactional data is tested to evaluate compliance with policies and procedures, and monitor controls.