What Are Internal Controls?
Does your company have issues with any of the following?
- Segregation of duties
- Record retention
- Employees not following policies or procedures, and doing things their own way
If so, these issues could be costing your company money. NOW CFO consultants can set up Internal Controls to help mitigate these problems, and save you money and time in the process.
Internal controls aren’t limited to the financial operations of the business. A strong Internal Control framework addresses all Risk Management Objectives (Strategic, Operational, Reporting, and Compliance) at every single Entity and Unit Level Component. Within each Risk Management Objective and at every Entity and Unit Level Component, there are multiple risk components that NOW CFO consultants will assess for your company.
They include all the core pieces of the COSO Enterprise Risk Management Framework:
- Internal Environment
- Objective Setting
- Event Identification
- Risk Assessment
- Risk Response
- Control Activities
- Information & Communication