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.
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