Internal Control Evaluations

If the internal controls within your organization are running smoothly, it is likely your business and accounting function is as well. However, often this is not the case. There are typically many examples within the following cycles that are indicative of insufficient internal controls:

Revenue cycle
Accounts receivable cycle
Payroll cycle
Disbursements cycle

Internal control measures, methods and procedures can be scrutinized in any of the above cycles within your company in order to:

Safeguard your assets
Deter and detect errors, fraud and theft
Ensure completeness of data
Ensure accuracy of accounting info
Ensure adherence to company policies and procedures

Internal control evaluations performed properly can produce reliable and timely financial data and other useful tools for management. Ultimately, this will allow you to conduct your business in an efficient and effective manner which leads to success and profits.