Internal Controls
Small Businesses have a difficult time implementing internal controls that require segregation of duties. Mainly because of the additional costs to hire multiple employees to separate job functions.
We can complete a full internal control audit and accounting review which includes setting up a customized internal control system for your small business using Vitalics which is specifically designed for the small business industry.
Vitalics is a specific software system that is provided to the client and includes over 140 forms and checklist, accountability and a solution to the lack of segregation of duties for the small business industries day to day bookkeeping.
There are two different options in setting up a customized internal control program.
Customized Internal Control Program
Complete Internal Control Audit – Fraud Risk Assessment and Control Program Set-up
- Complete business risk assessment and analysis of current controls in place
- Review accounting records and data over a specified period of time
- Create financial ratios and analysis comparisons
- Write audit report and findings with recommendations
- Write internal control procedures and set up Vitalics internal control system based upon those findings
- Meet with owners / board regarding findings and procedures
- Train employees on how to follow controls and use system
- Full access to computer system, accounting data and interviewing key personnel and owners are required
Basic Internal Control Set-up
This service option is more affordable if your budget won’t allow for a full internal control audit
- Complete business risk assessment and analysis of current controls in place
- Write internal control system and procedures
- Set-up and customize Vitalics to your business
- Train employees on how to follow controls and use system
Continued Internal Control Review and Maintenance
- Monthly, Bi-Monthly, Quarterly, Semi-Annual or Annual review of your business financial activity
- On-site or Remote access available
- Review financial reports
- Review all accounting departments data
- Review all banking, credit and loan accounts
- Review assets
- Review tax returns
- Create ratios and analysis
- Write findings
- Meet with owners / board
When setting up an internal control program for our clients, we use the Vitalics Small Business Internal Control System created by Julie Aydlott, CFE.
To learn more about Vitalics, please follow the link to learn more.
