Internal Control Assessments
Internal fraud drains more than $3.7 trillion dollars annually from global businesses, according to the Association of Certified Fraud Examiners.
Mitigating Your Risk
Internal controls are necessary to reduce the risk of fraud, safeguard your assets, encourage good management and ensure proper financial reporting. The problem with limited or no internal controls is potentially allowing an employee to easily help themselves to the company’s assets. Without any internal controls, it is like leaving the car door unlocked with key in the ignition, hoping no one will steal the vehicle. Finding the right mix of internal controls and trust is vital to any business’s success.
Integrating internal controls into a company’s processes does not need to mean severely increasing the overhead charges. Small tasks can be introduced to limit risk and use minimal time.
Example: Bank statements should be received and reviewed by someone outside of check writing and signing process. In addition, those statements should have copies of the checks included to verify the payee. Accounts receivable and accounts payable aging reports should be reviewed by someone outside of the accounting department who generates and maintains the listings.
Take a zero-tolerance stand on fraud. With a few basic procedures in place, internal business theft can be significantly reduced — or even eliminated — so your company can flourish.
Internal Control Assessment:
We will identify the risks you face and evaluate the controls you have in place. You will receive a findings report highlighting recommendations and best practices.
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