Internal Controls

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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
  • Monitoring
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How Your Company Benefits By Outsourcing Your Internal Control Needs

Our expert consultants have extensive experience and training to assist in identifying opportunities and implementing internal controls for your company. This includes protection from fraudulent activities, operational inefficiencies, and lack of adherence to company policies. All of these things can lead to lower profits, lost time and lowered efficiency and confidence in your company. So it’s important to address these issues head on, with the proper expertise and experience.

Whether it be establishing internal controls for public reporting or private safeguarding, our professionals have years of experience with Sarbanes-Oxley Section 404 audits and can assist your company in establishing procedures for your internal control structure.

40% of private companies say that they have either designed internal controls that are not clearly documented, or not designed any at all. ~Deloitte

Internal Control Services

  • Assessing current internal controls and susceptibility to fraudulent activities
  • Assisting all levels of employees, from Board of Directors to hourly employees, in understanding and abiding by a sound internal control structure
  • Implementing control structure
  • Documenting of controls structure
  • Establishing new policies and procedures to mitigate financial or operational loss in the business
  • Internal audit testing
  • Preparing test scripts (procedures) and executing test procedures as well as remediation procedures
  • Updating process narratives and risk control matrices
  • Ensuring client compliance with SOX Section 302

The Importance Of Internal Controls

  • Strengthen reliability and integrity of information
  • Comply with policies, plans, procedures, laws, and regulations
  • Safeguard assets
  • Use resources efficiently and economically
  • Promote accountability
  • Improve accuracy and timeliness of financial reporting
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