Business Services
Mitigating Risk and Protecting Your Business From Fraud
Every business faces risk, but with an effective system of internal control measures in place, that risk is mitigated. This is not a task that is easily accomplished in-house, however, because as a business owner, your focus is running your business, managing employees, and turning a profit.
Effective Internal Control Systems That Meet Your Business Needs
As trained professionals, we have assisted many business owners in creating effective internal control systems to prevent employee fraud, ensure compliance with regulations, and make sure company policies and procedures are in place so that your business operations are effective and efficient.
- Recommend segregation of duties — dividing responsibilities so no single person has control over all aspects of financial transactions
- Make sure transactions are authorized through delegating approval authority consistent with policy and available funds
- Ensure records are routinely reviewed and reconciled by someone other than the preparer or transactor
- Ensure that equipment, inventories, cash, and other property are accounted for, physically secured, periodically counted, and compared with control records
- Provide employees with appropriate training and guidance to carry out their job duties
- Set up proper channels for reporting suspected improprieties
- Document policies and procedures and make them accessible to employees
- Review operations to determine whether results are consistent with established objectives and goals