Archive: internal controls

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Fighting Fraud Losses with Internal Controls

Most medical practitioners would describe the focus of their practice as providing quality medical care to their patients. For many small office practices, patient care is the main focus of the physician’s activities, relying on the office staff to handle all the details of day-to-day business operations. The small office environment may have a close […]

Internal Controls Create Internal Benefits

Internal controls are extremely important because they provide a level of assurance that the financial statements have not been misstated to outside users. Many people believe that the implementation of internal controls is only beneficial to those outside the firm. However, if implemented correctly, internal controls can provide the internal benefit of increased operational efficiency […]

Effective Internal Controls for Your Association

While associations are not required to follow COSO’s advice for internal control over financial reporting (ICFR), financial statement auditors generally rely on the framework’s components when they assess ICFR. Download our “Effective Internal Controls for Your Association” whitepaper.

Best Internal Control Practices for Schools

Schools are the perfect places to find new opportunities and challenges at every turn. Furthermore, the next challenge your institution faces may not be in the classroom. The front and back office, which includes the accounting department also require effective internal controls. Here are some best practices that should mitigate or prevent issues from happening […]

Mitigating Risk from Your Third-Party Vendors

A third-party vendor is an ancillary process outside the control of your organization, which performs a function or provides a service that isn’t central to your operating purpose, for example, a third-party payroll company. Although your exempt organization may rely on third-party service providers, your management team carries the ultimate responsibility for maintaining an effective internal control system […]

The Importance of Internal Controls for Government Contractors

Effective internal controls are essential to the success of any organization.  This is especially true for government contractors who operate in one of the most regulated industries in the world.  No organization of any size can ensure compliance with their own policies much less comply with the myriad of government rules and regulations without an […]

Internal Controls Going Beyond Auditing

Did you know that a stolen record costs a company on average $155? Or, that a larger Cybersecurity breach can cost $3.79 million to an organization? Cybersecurity is just one Risk Area of many that can drain time, money and other vital resources. While no business comes without risk potential, safeguarding your organization with the […]

Whitepaper: Internal Controls Going Beyond Auditing

Did you know that a stolen record costs a company on average $155? Or, that a larger Cybersecurity breach can cost $3.79 million to an organization? Cybersecurity is just one Risk Area of many that can drain time, money and other vital resources. While no business comes without risk potential, safeguarding your organization with the […]

Reviewing New Procurement Standards Under Uniform Guidance

Procurement guidelines had several changes that came with the codification of A-133 into the new Uniform Guidance. “Micro purchases” of less than $3,000 do not need competitive bids or price analysis. “Small” purchases are purchases that exceed the micro-purchase amount but do not exceed the simplified acquisition threshold ($150K). If small purchase procedures are used, price […]

Fraud Considerations for Nonprofits: Part 5 – Fighting Fraud

Earlier articles in our nonprofit fraud series focused on the underlying causes and signs of fraud. Now that you are armed with that information, what can you do about it? Fighting fraud requires elements of prevention, deterrence and detection. Prevention is controls designed to reduce the risk of fraud from the beginning such as hiring […]