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INTERNAL CONTROLS REVIEW
REVIEWING INTERNAL CONTROLS
Internal controls go beyond safeguarding an organization from financial loss. They can also assist in maintaining reliable financial reporting and maximizing effective operations.
The best way to protect and ensure that your organization is operating efficiently is to have an internal control review performed on your operation. The goal is two fold
1. To protect and safeguard your company from being victimized
2.To improve your processes to obtain greater efficiencies and become more effective at each level of the organization.
An internal control review can highlight weaknesses in the internal control structure or expose processes that could be strengthened to maximize efficiency. Detailed recommendations to mitigate risk or strengthen areas of weakness will be included in our report.
If you suspect fraud within your organization or need help safeguarding it, please call us
Cullinane has performed internal control reviews at Johnson & Johnson Baby Products, Bell Laboraties, AEP Inductries Cosmetic Essence ect
Internal Control SystemsThe professional risk management, internal audit and GRC community has given rise to the conception and publication of several systems of internal control, sometimes called internal control frameworks. Such publications are written guidelines and best practices. Their implementation is done in a largely manual manner by staff or professional service providers. They do not however include or specify any particular software tools.
Among the internal control systems that have been published are: The Committee of Sponsoring Organizations of the Treadway Commission (COSO) Integrated Framework, Control Objectives for Information and Related Technology (COBIT), The Turnbull Guidance and Criteria of Control Board Guidance on Control (CoCo). These do not specify a qualitative or quantitative indication of how the organization’s internal performance affects its objectives and the organizations that choose to adopt them, adapt them to fit their own constraints and understanding.
Importance of an Internal Control SystemA system of internal control is an important mechanism of correct and responsible management in all kinds of organization. In a small organization, it can lend itself to manual executive control alone but the more complex the organization and the more employees and processes it has, the more the system needs to contain functionality that can help the management ensure internal controls are in place and working as intended.
The result of such functionality will be increased chances that processes and procedures are operating as intended and risk is being kept at tolerable levels. Accountability and compliance with regulations follow this state of affairs, as do increased sustainability potential of the organization and a healthier working environment.
Key benefits of the internal control system include:
Treatment of risk
Achieving higher standards
Compliance with laws and regulations
Improved communication and procedures