Improved internal control
The client's challenge
The owner of a small business came to us with a concern about their exposure to internal fraud and errors. Because of their size, small companies have people wearing many hats, which sometimes negates proper internal controls. This can expose the company to duplication of efforts, errors or even fraud.
Our solution
- analyze internal controls and identify key areas of exposure to the company
- determine if the bookkeeper was in the position of both committing the theft and doctoring reports to hide the fact
- develop proper internal control procedures to segregate duties that can expand or contract with the business
The results
- created processes with strategic controls in place to provide the owner with peace of mind and easy-to-implement procedures
- zero accounting irregularities discovered since process established