Business Tag: internal


Do Your Accounting Procedures Drive Internal Control?

Everywhere in your organization people are carrying out business processes to make things happen. This obviously includes the accounting department. We know from COSO and Sarbanes Oxley compliance that accounting procedures are an important element of your internal controls. Organizations spend a lot of effort to produce an accounting manual containing accounting policies and procedures. So, if you are going to produce an accounting manual with accounting policies and accounting procedures, how can you make the most of the effort you put into them? Continue reading…

Why Is an Effective Internal Control System Crucial for Success?

According to the Institute of Internal Auditors (IIA), an effective internal control system helps ensure that our organizational processes are functioning properly, that our financial information is reliable, and that we’re in compliance with applicable regulations. Businesses primarily implement an internal control system to protect themselves from internal fraud and abuse, while many do so with regulatory or standards compliance in mind. Continue reading…

Revenue Policies and Procedures Manual

What Are Internal Controls Accounting Procedures?

When you hear the phrase “internal control system required by Sarbanes-Oxley (SOX) Section 404,?” do you automatically think of policies and procedures? Simply having accounting policies and procedures does not indicate an internal controls accounting system. Well-written accounting internal control procedures that document well-defined accounting processes, however, are an important component of the system you are building. Continue reading…

What Are Internal Controls for Cash Security?

We all hope our co-workers and employees are honest, and they probably are. Yet, improper cash control, poor cash practices, and weak cash security can tempt people who are basically honest. Think about parking at the local mall. You always roll up your windows and lock your car to protect your possessions, especially if you made some purchases at an earlier stop. Most of the people who walk by your car at the mall are honest, yet you don’t want to tempt them by making it easy to take something that doesn’t belong to them. What are some internal controls for cash? Continue reading…