Evaluating your company operations to determine that appropriate controls are in place is sometimes required to ensure resources are properly managed and to protect yourself from employee theft.
By assessing your internal control system we are able to make recommendations to make your company stronger, more efficient and at the same time, improve the effectiveness of your operating procedures. We can adjust or employ new operating procedures that increase your profitability and remove ineffective your current procedures.
What we do for you...
We will implement segregation of duties so that duties are divided among different people, ensuring that there are proper oversight and reviews to catch errors. Segregation of duties also helps prevent fraud or theft by reducing the risk of inappropriate actions. No one person has control over all aspects of any financial transaction. By separating duties you can accomplish the following:
- Ensure transactions are authorized by a person with 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 making them accessible to employees in the event of a long term employee absence or turnover of staff. The documented policies and procedures provide day-to-day guidance and ensure the continuation of duties by your staff.
- 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 contact us to set up a Free Consultation.