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:
- Safeguard the assets of your organization.
- Reduce the risk of material errors, which result in unreliable financial information.
- 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.”