Internal Controls

At times you may need a trained outside professional to evaluate your company's operations to determine if the appropriate controls are in place to ensure proper handling of resources and to protect yourself against internal theft.

Click here to download our new business client informational packet in .pdf

Internal Audit Services

The bedrock of any successful organization is an internal control system that upper management, board members and other stakeholders have confidence in. Internal audit is an important function that helps to monitor the integrity of the internal control system. In many organizations, it is neither cost effective nor efficient to maintain a well-trained internal audit department. In such cases, obtaining internal audit services from a firm with the particular knowledge and experience is a wise management decision.

Francis & Company works with organizations to monitor and improve their internal control systems so that upper management, board members, outside funders and other stakeholders can have the utmost confidence in the financial and operating data being generated.

A professional internal audit function can reduce uncertainty and result in management being more confident in making decisions. It would also aid in identifying control weaknesses and compliance issues prior to the external audit.

What we do for you...

• Implement segregation of duties so that duties are divided, or segregated, among different people to reduce risk of error or inappropriate actions. No one person has control over all aspects of any financial transaction.
• Make sure transactions are authorized by a person delegated approval authority when the transactions are consistent with policy and funds are available.
• Ensure records are routinely reviewed and reconciled, by someone other than the preparer or transactor, to determine that transactions have been properly processed.
• Make certain that equipment, inventories, cash and other property are secured physically, counted periodically, and compared with item descriptions shown on control records.
• Provide employees with appropriate training and guidance to ensure they have the knowledge necessary to carry out their job duties, are provided with an appropriate level of direction and supervision, and are aware of the proper channels for reporting suspected improprieties.
• Document policies and procedures and making them accessible to employees. The documented policies and procedures provide day-to-day guidance to your staff and continuation of duties in the event of prolonged employee absences or turnover.
• Review operations to ascertain whether results are consistent with established objectives and goals and whether the operations are being carried out as planned.