Internal Control Systems is the term used to describe that set of systems, procedures, controls and flow of documents that are used by a business to ensure proper functioning of the business and to control the daily workings and management thereof.
The objectives of a well designed and implemented Internal Control System are to:
- Issue reliable and timeous financial reporting;
- Ensure compliance with laws and regulations; and
- Ensure the efficiency and effectiveness of operations.
Many current systems incorporate elements of these objectives, but have areas of weakness, which could result in a business experiencing problems like:
- Products or services being provided without being invoiced;
- Invoices going missing or being altered without authorisation;
- The misappropriation of company assets and cash;
- Expenses being incurred that are not bona fide company expenses; to mention a few.
We will conduct a comprehensive review of your current control systems, in order to design an appropriate system of controls that will close any holes and risk areas.