Only accountants can save the world - through peace, goodwill and reconciliations." ![]() When many of us think of internal controls or internal auditors we often say to ourselves, under our breath, what do they want now? But my experiences now say - maybe I should cut them a break, they are on my side. Establishing internal controls protect a business owner in many ways. Just think, without them, how would our businesses protect their financial data. Many of our young professionals step into their careers without a clear understanding of the internal control importance. I believe a contribution to this fact goes back to the curriculum at our Universities. Giving more in-depth lessons surrounding internal control could close this gap of understanding for our young and eager professionals. This is why I appreciated the article written by Miranda Brookins, Demand Media in the Houston Chronicle titled "What is the Purpose of Internal Controls of a Company?" in which it outlined 6 primary purposes of establishing internal controls in a company. 1. Establish Protocols 2. Prevent Fraud and Theft 3. Separation of Duties 4. Organize Information 5. Reduce Errors 6. Uphold Sarbanes-Oxley Act The complete article can be found on www.smallbusiness.chron.com.
0 Comments
Your comment will be posted after it is approved.
Leave a Reply. |
Archives
February 2025
Categories
All
AuthorMy mission is to offer the best accounting and operations solutions and tips for entrepreneurs and small to mid-size companies worldwide seeking to close their process gaps with actual solutions. |