Internal controls are policies and procedures created by management, put in place to minimize risk, eliminate irregularities and ensure continued reliability of accounting information.

Risk assessment is one of the significant matters that should be properly dealt with when running a business.

Owners and Managers cannot make a fully informed business decision if the accounting records of the company contain error and not accurate.

We are doing a test of controls to assess if a particular business process is being followed and whether it is effective or not.

For example, if you have a three-way matching process in your Accounts Payable department, which is the procedure of comparing the details of the Purchase Order, Receiving Report and Vendor’s Invoice. Before the company settles the invoice, one assigned person should review if there are discrepancies noted in quantities, prices, and terms of payment. Also, if all items received were in excellent condition.

We will ensure that there is proper segregation of duties in work to avoid fraud and error. No person has the capability to complete the process of one business transaction.

Upon control assessment, we will confirm if the company has sufficient controls in place that mitigates risk, and give recommendations on any difference we have noted during the audit.

Improving business processes will have a big impact on your progress, and through our experienced auditors that are independent and objective, we will achieve our goal.