We study and examine internal controls after having detailed discussion with our clients. All businesses go through different phases in their life cycle. A company can be a start up, smaller, and financially weak. On the other hand, an organization can be already established, growing rapidly, and more complex.
Rapidly changing operations also increase the challenge to be on your toes, keep updating and improving your controls and procedures. Having better internal controls increases effectiveness and efficiency of business operations, financial statements become more reliable, and it ensures compliance with local laws and regulations.
All businesses face their own set of internal control challenges according to their internal and external environment, changes in management, rapid growth, industry standards, and to align their internal systems with regulatory authorities. It is always a big challenge for entrepreneurs to look after all these matters and also keep focusing on business growth and increasing return on investment, i.e. profit. In such circumstances, it is very relieving to have professional advice available that can release all your tensions about improving internal processes and you can focus on daily operations and growth.
Our professional consultants thoroughly examine your internal control systems throughout your company. They give their expert opinion after careful deliberation that helps your business in the short term as well as in long run. We spend considerable amount of time and effort to understand the culture of your organization, its processes, and controls to identify any shortcomings, room for improvements, changes in processes and so on.
We also help you setup new procedures and improve the processes already in place. We also ensure that your business objectives are met within set parameters of time and money, all transactions are recorded into the system as per generally accepted accounting principles, and efficient management of fixed assets.
Efficient internal control system helps you in controlling your cost, standardizing processes, documentation of internal procedures, process of authorization for different type of documents and payments, increasing control of cash and banking transactions etc.
Better internal control system also increases the confidence of external auditors on the financial statements, supporting documents, and transactions of the company. It reduces time and effort for both external auditors and your staff; it also reduces number of audit queries during annual financial audit.
