Internal Control Systems

Are you paying sufficient attention to the internal control systems in place for your business? If you are unsure, contact us and we can help get you on the right track.

For small business owners or Not-For-Profit directors, internal controls provide a system of checks and balances that can: 

  1. Safeguard the assets of your organization.
  2. Reduce the risk of material errors, which result in unreliable financial information.
  3. Reduce the risk of fraud occurring and remaining undetected.

The CPA Canada Handbook-Assurance defines internal control as follows:  “The process designed, implemented and maintained by those charged with governance, management and other personnel to provide reasonable assurance about the achievement of an entity’s objectives with regard to reliability of financial recording, effectiveness and efficiency of operations, and compliance with applicable laws and regulations.”  



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Durand and Associates recently supported me during an Ontario Ministry of Finance Tobacco Tax Audit. They prepared a response to a proposed assessment, negotiated on my behalf and argued with the Ministry concerning the lack of transparency and fairness in their audit process. The result of their efforts was a significant reduction from the initial proposed assessment by the Ministry of Finance.

Steven Hines, President - Distant Shores Trading Company Inc.