Different Companies, Different Needs
As the old saying goes, one size shoe does not fit all feet. At Wellfleet Strategies, we believe that each company has its own unique needs and that any system of internal controls must be fully customized in order to effectively meet those needs. Smaller companies have different needs than larger companies, as do local versus global ventures. We work side-by-side with your people to first understand the intricacies of your business and where you are vulnerable. We then develop a unique system of internal controls that protects you against fraud and risk without sacrificing your agility.
What Internal Controls May Look Like
Ideally, your system of internal controls will provide a safety net that you don’t even know is there. It is a system designed to protect the integrity and reliability of your company’s accounting system to protect against internal fraud and other risks. We focus our systems to minimize the risks that can arise from the following:
- Accounting errors
- Poor record-keeping and sloppy accounting practices
- Lack of clarity in responsibilities and supervisory authority
Our general goal is to create a system that helps you prevent problems or be able to identify them before they get out of control. We typically utilize the following measures, customized to fit your organization:
- Separation of responsibilities ensures that one person isn’t responsible for overlapping duties which allows them to operate with minimal supervision.
- Double accounting systems guard against fraudulent activities and the effort to cover them up.
- Routine audits of your financial records ensures that your company is in sound financial health.
- Inventorying your physical assets ensures all of your physical assets are present and accounted for.
- Approval/authority requirements measures such as requiring two signatures on checks or specific authority for certain expenditures can guard against issues.
- Checks and balances create a formal system that makes it more difficult for fraud or other improprieties to go undetected.
Our team of industry professionals can help you build a system of controls that is as robust as you need it to be to fully protect your business. Once developed, we also work closely with you to fully implement your new system.