What Are Internal Controls Services?
Internal controls are the implemented procedures to protect the integrity of financial information, promote fiscal accountability, and prevent financial fraud. Effective internal controls support compliance with laws and regulations for the timeliness of financial reporting and to protect the company’s assets.
Internal Controls
Since the accounting scandals in the early 2000s, Internal Controls function has become the critical business function of every U.S company. The Sarbanes-Oxley Act of 2002 was ratified to protect investors from sham accounting activities and to establish the dependability of corporate disclosures. The Sarbanes-Oxley (also known as SOX Compliance) has reflected on company ascendancy by appointing managers in charge of financial reporting and creating an audit trail. Subsequently, corporate managers were found guilty of not recording and managing internal controls correctly and faced severe criminal penalties.
Internal Control Services Near You
Top Quality But At Affordable Price To Meet Compliance And Reporting Needs
CPA Clinic’s team of Certified Public Accountants (CPAs), Chartered Accountants (CAs), and Certified Internal Auditors (CIAs) assist in safeguarding your organization’s assets and minimize errors and fraud opportunities while complying with rules and regulations including but not limited to applicable Accounting Standards Codification (ASC), International Financial Reporting Standards, Securities and Exchange Commission, and Sarbanes-Oxley (SOX) Act of 2002.
Sarbanes-Oxley (SOX)
Program Management Office (PMO)
Sarbanes-Oxley consists of 11 titles, but there are two key provisions when it comes to compliance requirements: Sections 302 (Corporate Responsibility for Financial Reports) and 404 (Management Assessment of Internal Controls).
Internal Audit
CPA CLINICS provides Certified Internal Auditors (CIAs), Chartered Accountants (CAs), and Certified Public Accountants (CPAs) to assist you with your internal audits. Internal auditing is an independent and objective assurance and consulting activity designed to add value to and improve an organization’s operations.
Key Takeaways
- Controls help the company to prevent financial fraud and promote accountability.
- Besides restricting employees from stealing assets and committing financial fraud, internal controls improve operational proficiency and precision.
- Internal audits play a critical role in corporate governance, since the Sarbanes-Oxley Act, 2002 made managers legally responsible for the accurateness of the company's financial statements.
- We can help you maintain the financial record of the company.
What Are The Two Types Of Internal Controls?
Internal controls are divided into preventative and detective activities.
Preventive control activities aim to deter errors or fraud from happening in the first place and include thorough documentation and authorization practices.
Preventive Internal Control
The preventive internal control procedure purpose is to deter errors or fraud from happening in the first place.
Detective Internal Control
Detective internal controls are intended to catch errors and fraud that have been missed in the preventive internal control procedure.
We work with you To
- Improve the effectiveness and quality of your implemented controls by conducting an extensive quality assurance review.
- Enhance your resources and encompass your scope by co-sourcing with an internal audit.
- Provide control services that include planning, risk valuation, reporting, and resolution of issues using CPA CLINICS' years of experience.
- Utilize CPA CLINICS' wide-ranging knowledge in SOX Compliance valuations to capitalize on effectiveness and ensure your company conforms with all SOX regulations.
- Gain confidence in your internal audit process and enhance the value for your organization.
- Take control over your controls program and enhance your company's value.
PREMIER INTERNAL CONTROL SERVICES
Let us know your requirements, and we will provide you a customized package that will fulfill your requirements.
CONTACT US TODAY
WHY CHOOSE US?
Want to implement adequate internal controls to safeguard your assets but not sure of how to implement or have been worried about the cost to implement? No Worries, CPA CLINICS is the answer for your needs.
100+ Years of Experience
We have 100+ years of collective experience and have worked with several small medium businesses and Fortune 500 companies.
Quality, Price, & Connected Dedicated Staff
We are amongst the lowest priced service provider, and are just a call away. Call us and discuss the services that you are looking for.
Satisfaction Guaranteed
With us you get 100% personalized services that are catered especially for you.
Internal Control Services FAQ'S
There are five internal control framework components:
- ♦ Control Environment
- ♦ Risk Assessment
- ♦ Control Activities
- ♦ Information
- ♦ Communication & Monitoring
- ♦ Preventive Controls
- ♦ Detective Controls
Both types of internal controls are important and effective. Because:
PREVENTIVE CONTROLS:
Aim to reduce the chance of errors and fraud before they occur.
DETECTIVE CONTROLS:
They are designed to find errors or problems after the transaction has occurred.
These protect assets and minimize risks. They also ensure record accuracy and operational efficiency, and encourage policy, rules, regulations, and law adherence.
- ♦ Catalog internal control procedures
- ♦ Conduct a risk assessment
- ♦ Conduct an internal audit
- ♦ Train and educate staff
- ♦ Conduct regular inspections
- ♦ Review the feedback from customers and stakeholders
- ♦ Examine departmental reports
Why Choose CPA Clinics?
CPA CLINICS brings years of experience achieved by working in an array of industries. We know how to make internal controls a critical component of the business.
SELECT US TO BUILD INTERNAL CONTROLS FOR YOU
safeguard assets, ensurE financial statement accuracy and reliability,
promote efficiency, and encourage compliance with management’s directives
Affordable Internal Controls Services
CPA CLINICS is amongst the most affordable and quality provider for you when setting up the internal control system.
Internal Control Framework
Our experts will create a framework of internal controls based on Committee of Sponsoring Organizations (COSO).
Risk Assessment
Evaluate, prioritize, and address risks that matter.
Transparent Communication
Helping establish collaborative and trustworthy workplace.
GET PROFESSIONAL ADVICE ON INTERNAL CONTROLS TODAY!
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