Audit & Accounting Services:

Internal Financial Control Systems

Internal financial controls are put into place to keep an organization on course to achieve profitability goals, its mission, and to minimize surprises along the way. Internal controls promote efficiency, reduce risk of asset loss, and more broadly, provide a basis for the preparation of financial statements and the overall system of accountability.

At Sisterson, our skilled business-consulting group has broad based industry experience in designing internal financial control systems that deal with four key areas: authorization of transactions, recording of transactions, safeguarding of assets, and periodic verification of recorded assets.

We help develop and recommend these control systems with the support of the organization’s top management and within the organization about the expected control environment, through effective internal control system implementation that consists of five inter-related components:

• Control Environment - the foundation of internal controls
• Risk Assessment - examining external and internal risks
• Control Activities - internal control policies and procedures
• Information and Communication - identifying, capturing, and communication of operational, financial, and compliance-related information
• Monitoring - a process that assesses the quality of the system’s performance