Internal Controls

Internal Control Reviews from Berntson Porter & Company

Effective internal controls are a vital component of any successful business. A working internal controls system can safeguard a company against fraud or financial loss as well as improve financial reporting and operations.

Even if these controls appear to be functioning, it is important to evaluate the current state of the controls continuously and reevaluate these controls whenever there is a significant change in the business. Risks, such as fraud, can be reduced by having the proper design, implementation, and monitoring of the internal control system.

Reasons to perform an internal control review:

  • Company growth
  • Suspected fraud
  • New or changes in processes
  • Change in management of accounting team
  • Lack of segregation if duties
  • Business specific risk areas

Benefits of an Internal Control Review:

  • Fraud prevention
  • More timely and accurate accounting information
  • Improved operating efficiency
  • Increased confidence for business owners and management

Download our informational PDF to learn more. 

 

Internal control is a process for achieving an organization’s objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws and regulations.

Effective internal control ensures a stronger organization for your management and employees.