Internal Controls Implementation and Assessment

Every organization needs to be concerned with developing a reliable and efficient system of internal controls. Internal control is a process designed to provide reasonable assurance that the organization produces reliable financial reports, complies with applicable laws and regulations, and conducts its operations in an efficient and effective manner. Ultimately, internal controls encompass all measures used by an organization to monitor and safeguard assets, prevent fraud, minimize errors, verify the accuracy and reliability of accounting data, and ensure that established company’s policies are followed by personnel.

As a result of large accounting scandals (WorldCom, Enron), in 2002 the Congress passed the Sarbanes-Oxley Act (SOX). One of the SOX requirements is that public companies must issue an annual report indicating whether they have an effective system of internal control over financial reporting (SOX 404). A public company’s management and board of directors are charged with developing and monitoring internal control.

We will assess your internal control systems to determine the efficiency and effectiveness of your operating procedures and reliability of your financial reporting. Accordingly, we will make recommendations that will help your company become leaner, more efficient, more competitive, and more profitable by correcting any inefficiencies in operating and financial procedures.

With regard to internal controls, Alliance offers the following services:
  • Evaluating internal control processes for weaknesses and areas for improvement
  • Implementation a segregation of duties so that responsibilities are divided (segregated) among the personnel to reduce risk of errors and/or fraud.
  • Consulting on policies
  • Review of company’s operations to determine whether operations are being carried out as planned and whether management’s policies are properly followed by the personnel.
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