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Protect Your Company Through Internal Controls

 
  Arthur F. Rothberg, Managing Director, CFO Edge, LLC  
   
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  Article Summary  
The most important tool in the effort to improve efficiency, prevent fraud, and protect company reputation is an accounting department appropriately structured via internal controls.

A system of internal control, also known as operational control, is imperative to the prevention of fraud and assurance of corporate financial security. Through such a system, businesses may implement a number of safeguards against theft, fraud, or error, as well as detect any cases that may arise.

This article looks at descriptions of what makes up internal controls and how they function. Explored are areas such as segregation of duties, preventive controls and detective controls. Included are looks at positive pay services and remote deposit systems, two examples of how forward thinking companies are leveraging technology to improve control and reduce risks.

Internal control is critical to ensuring a company’s asset safety and good reputation. Los Angeles executives with internal teams focused on core competencies may consider engaging with a CFO services firm to provide expertise and bandwidth related to internal controls.

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