Internal control is a major part of managing an organization, serving as the first line of defense in safeguarding assets as well as preventing and detecting errors and fraud. Internal control should be designed to provide reasonable assurance regarding prevention of or prompt detection of unauthorized acquisition, use, or disposition of an organization's assets. These days, business owners are continually seeking to improve accountability. From improving operational processes to implementing new technology, appropriate internal control is a key factor in minimizing problems and managing change.
Our assessments are designed to uncover inefficiencies, opportunities for error/fraud, and hard-to-spot vulnerabilities. We then recommend alternate approaches to correct or mitigate internal control weaknesses.
Undergoing a review of the proper scope provides management with reasonable assurance that your company's policies and procedures are adequate and are being followed in the areas of operations, financial reporting, and compliance with laws.
Our internal control reviews can further help your company achieve its performance and profitability targets, prevent loss of resources, and promote more reliable financial reporting.
Consider an internal control review when you embark on a new project or make changes to your processes such as centralizing or decentralizing. This can help ensure that the end result meets your goal. Fortunately with VXL Services on your side, we can develop an internal control program for the accounting system or conduct a review to check if the existing controls are effectively working. Our experience and background will quickly identify key areas in which controls are needed and help implement them.