INTERNAL CONTROLS

Internal Controls are vital to every business and should be part of every day procedures. Green Hasson & Janks LLP is a firm believer that without a strong system of internal accounting controls, a business might be exposing itself to potential risks, such as employee fraud, regulatory noncompliance, and operational inefficiencies, which could result in significant financial losses, regulatory penalties, or other damages, such as business reputation loss.

We have a dedicated team specifically trained in the area of risk consulting, which includes accounting internal control assessments, internal audit co-sourcing or outsourcing services, internal audit external quality assessments, antifraud prevention assistance, SOX compliance assistance, and other services.

THE SERVICES WE TYPICALLY OFFER:

• Accounting Internal Control Assessments: Based on a risk-based approach, we would evaluate the efficiency and effectiveness of key controls within specific accounting related business cycles (e.g. cash receipts, cash disbursements, payroll, purchasing and accounts payable, sales and accounts receivable, inventory, fixed assets, etc.). A typical engagement would include gaining an understanding of the current process and key business risks through interviews and review of documentation, documenting, as needed, the existing system of internal controls, and assessing the design and operational effectiveness/efficiency of key controls within the selected accounting related business cycles, and providing a summary of our observations and recommendations.


• Internal Audit Co-Sourcing or Outsourcing: Considering the size and complexity of each business, continually monitoring the system of internal controls may be prudent to protect the business assets as well as minimize potential inefficiencies. Such engagements may include the following: a) Under the supervision of a select member of management, the internal audit function could be outsourced to us, whereby we would develop and execute a risk-based internal audit plan; or b) we can assist an already established internal audit function with completing risk assessments or internal audit reviews, as needed.
• Internal Audit External Quality Assessments: As the Institute of Internal Auditors requires an external quality review of internal audit functions to be performed every 5 years in order to be in compliance with its standards, a typical engagement would focus on assessing compliance of an existing internal audit function with such standards.
• Antifraud Prevention Assistance: Such engagements may include assistance with performing a fraud risk assessment and/or designing an antifraud program, including fraud prevention policies and procedures.
• SOX Compliance Assistance: Such engagements can be designed to assist organizations with establishing or enhancing an existing SOX compliance program, as well as assisting with performing periodic SOX 404 compliance testing.
• Other: Other engagements, depending on your needs, may include assistance in the following areas: design of accounting policy manuals; development of job descriptions and responsibilities; forensic accounting investigations; or design of accounting controls to ensure segregation of duties.