Internal Controls Optimization
Internal Controls Optimization (ICO) is focused on improving controls within the accounting department to reduce the risk of mistakes or processing errors. Many times it takes a serious mistake, or even fraud, for owners and management to implement the internal controls that are necessary to protect the highly valuable information and assets of your company or organization. Without the proper internal controls, there is a real and increased risk that either intentional or unintentional accounting errors may result in a significant financial loss, or in a worst case scenario, total loss of the company or organization.
PKF Mueller’s Risk & Controls Team provides ICO services designed to assist owners and executive management of businesses and organizations in diverse industries better manage risk and improve operational efficiency through:
- Recommending solutions to improve existing controls, or to implement new controls to mitigate risk of accounting errors that may result in adverse consequences to your company or organization such as significant loss of information or assets.
- Performing detailed walkthroughs of accounting processes and analysis of information systems to identify risks and determine if controls (manual or system) exist and are designed adequately.
- Periodically testing the operation of internal controls to ensure that they are operating as intended over time.
- When your firm experiences change in processes.
- If your firm experiences rapid or significant growth.
- When your firm is involved in a merger or acquisition situation.
- When you have a known shortcoming.
- If your Risk Management processes are not fully integrated.
- If your operations are very complex.
- If you are thinking about outsourcing some of your processes.
Whether your company or organization is big or small, internal controls can and should be designed appropriately to your needs and requirement without adding unnecessary burden and cost to the operation of your accounting functions. Properly designed internal controls will:
- Reduce risk of processing errors or theft that may lead to loss of information, assets, customers, and in the worst case scenario, the entire company.
- Improve processing of transactions to avoid re-work that requires even greater time and effort to correct when issues are not detected early in the process.
- Increase customer retention by reducing the accounting related issues that may adversely impact customer relationships.