LindseyTye

LindseyTye Chartered Accountants

Internal Controls

How do you know that the information presented to you by your people is right?

The chances are that you have some kind of checks in place - or as accountants call them, "internal controls".

These internal control systems are about risk management, designed to provide a level of assurance on the effectiveness and efficiency of the firm's operations, the reliability of its reporting, and to support compliance with relevant law and regulation.

The tone of your organisation will very much reflect your approach to internal controls.

Effective internal controls do not provide a guarantee, but reduce the risk that something is seriously wrong with a process.

Similarly, they will not tell you whether you are doing the right things, only if the things you are doing are being done for the most part correctly.

There is also a danger that you have too many controls, that they overlap or repeat things such that your business is stifled by endless box ticking.

Finding the right balance where resources are safeguarded, and business objectives encouraged at an acceptable level of risk is as much an art as a science.

We can help you by first mapping out and describing your existing internal control system, assessing its effectiveness and then helping you to develop it to meet the needs of your business, with a steady eye on maintaining and improving your overall effectiveness.

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