Simply put, internal controls help safeguard your assets. An effective internal control program is a system of processes designed to provide assurances regarding:
From initial customer contact to the sale of goods or services, your organization relies on processes to operate efficiently and profitably. Internal controls are an important, yet sometimes overlooked, part of this equation. Designing and implementing effective internal controls helps minimize losses from inefficient processes, human error, and possibly fraudulent activity.
We believe that solid process documentation is the foundation of an effective internal control environment. Our services include process narrative documentation and the development of process flowcharts, which are pictorial depictions of your financial processes, including the steps, inputs and outputs, and existing controls. The incorporation of flowcharts into the documentation process helps you evaluate control effectiveness and identify potential control deficiencies.
Utilizing this process documentation, our Internal Audit team will perform a holistic analysis of your risk environment, incorporating effective existing controls, while recommending new controls as appropriate to mitigate any control gaps and improve the strength of your internal controls.
Our goal is to create a sustainable control environment for our clients, with the understanding that implementing controls at a point in time does not guarantee the long-term effectiveness of the controls. Following control implementation, we’ll develop a testing program to monitor the effectiveness of the controls and train your staff on the operation and testing of the controls.
Skoda Minotti’s Internal Audit team is available to assist you at each step along your journey. In addition to the services described above, we also offer:
Skoda Minotti’s Internal Audit team has the expertise and practical experience to help you manage an evolving risk landscape. For additional information, please read our recent blog posts related to internal audit.