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it doesn’t matter how great the system is.

by ed mendlowitz
77 ways to wow!

my last column addressed the importance of controls when trying to get a client. but it is also important to retain the client. a good system that is not monitored is a sure way to not only lose the client but be kept awake at night.

more: how to explain internal controls to clients | the ten financial controls that’ll make you a hero | five cash reports you can’t live without | when an audit is a great thing
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if you have been around long enough, you’ve experienced a theft at a business or not-for-profit organization. for nearly ever fraud i have seen, the slightest effort would have thwarted those frauds. nowadays the only frauds i encounter are new engagements, where i try to quantify what was taken.
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then you have to use them.

by ed mendlowitz
77 ways to wow!

what are internal controls? auditors widely use this term. it also appears multiple times in engagement letters for audits of businesses and not-for-profits, but i do not believe many outside of the accounting profession really know or understand what internal controls are. i will try to explain it here.

more: the ten financial controls that’ll make you a hero | rule #1: start with cash | the priorities were backward | how to read a financial statement | 77 thoughts about client needs
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internal controls refer to an organization’s system of deterrence, oversight, checks and balances. an illustration is where someone in a business writes and mails the checks to pay a bill. if this same person then receives the bank statement and performs the reconciliation of that account, there would not be any control or oversight on that person and whether the payment was proper and not misdirected. they are checking their own work. this is how many frauds occur.
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