Internal Control System

Are you noticing it challenging to achieve your business objective?

Is your business finding it difficult to maintain assent with rules and regulations?

Are you searching for an agency to make your company operations more efficient and effective?

We Excelogy AccuVat BookKeeping is one so firm attached to devising the best Internal Control methodologies to check frauds and violations, assess risk. We design the internal information control framework for your company, safeguard assets and establish internal checks and audits.

Management Excelogy

The distinctive personality of managers at your business sets the overall tone for the workplace. Well, Management uprightness is communicating to workers through employee handbooks and procedural manuals.

These same writings also provide workers with the necessary training on company policies and expected management. However, management’s implementation of policies is the primary symbol of an alliance’s commitment to a successful internal control system.

Competent Personnel

Selecting and engaging competent staff helps a business accurately record accounting activities from year to year by giving consistency.

The retention of employees improves the comparability of financial records from year to year.

Moreover, an auditor’s belief in the underlying accounting records increases as he observes the reliability of the company’s personnel. This, in turn, reduces an auditor’s assessment of the risk of a material error in the entity’s financial records.

Segregation of Duties

Proper separation of duties is a critical component of internal control because it overcomes the risk of mistakes and inappropriate actions.

A practical system parts authoritative, accounting and custodial offices. For instance, one employee opens incoming mail, a second prepares deposit slips for daily receipts, while a third deposits receipts in the bank.

The previous model prevents the opportunity of one employee to misappropriate incoming repositories.

Records Maintenance

Keeping proper records ensures that documentation lives for each business transaction. Records management includes storing, safeguarding and eventually destroying tangible or electronic documents. Also, adequate back-up deters an employee or managers from creating phantom transactions in the underlying accounting records.

A good records management plan reduces operating costs, improves performance and reduces the risk of litigation.

Physical and Intangible Safeguards

Safeguards keep unauthorized personnel from accessing valuable company assets.

Assets are physical, such as locks on doors, or intangible, such as computer software passwords, and are a necessary feature of an organization’s internal control system.

Many business owners naturally protect inventory, cash, and supplies. However, blank checks, company letterhead, and signature stamps are items that require safeguarding but that are commonly avoided by a businessman.

How do we help?

• Safeguard assets – from accidental loss and scams
• Ensure reliability and integrity of financial data
• Strengthening compliance with local, federal and international laws
• Devising methods and systems to maximize performance and effectiveness of business operations
• Robust risk assessment
• Periodic evaluation and monitoring
• Advising preventive internal control practices like thorough documentation and permission
• Regular updates and suggestions on policies and plans

Moreover, many more. Want a customized plan for yourself ? You can Contact Us