Thank You to our Sponsors
Checks & Balances Internal Controls to Achieve a Successful Audit
Once Upon a Time… Approximately $96,000 18 months Mid 30s female YMCA finance director and accountant
What are Internal Controls? …a process effected by an organization's structure, work and authority flow, and people and management information systems, designed to help the organization accomplish specific goals or objectives. It is a means by which an organization's resources are directed, monitored, and measured. It plays an important role in preventing and detecting fraud and protecting the organization's resources Internal Control
What are Internal Controls? Separation of Duties: Checks & Balances Permissions
What are Internal Controls? Role Based Access Control Using Technology: DAXKO Operations DAXKO Accounting
Internal Controls Process Establish Environment Assess Risks Control Activities Monitor Performance
Establish Environment Assess Risks Control Activities Monitor Performance Establish Environment
A Receptive Environment Requires a Top Down Approach
Establish Environment Define Roles Assign Responsibilities Communicate Clearly
Establish Environment
Assess Risks Control Activities Monitor Performance Assess Risks
Vulnerability to TheftVulnerability to MistakesVulnerability to Data CompromiseVulnerability to Misrepresentation
Assess Risks Vulnerability to TheftVulnerability to MistakesVulnerability to Data CompromiseVulnerability to Misrepresentation
Assess Risks Vulnerability to TheftVulnerability to MistakesVulnerability to Data CompromiseVulnerability to Misrepresentation
Assess Risks Vulnerability to TheftVulnerability to MistakesVulnerability to Data CompromiseVulnerability to Misrepresentation
Assess Risks Vulnerability to TheftVulnerability to MistakesVulnerability to Data CompromiseVulnerability to Misrepresentation
Establish Environment Assess Risks Control Activities Monitor Performance Control Activities
Prevention of TheftPrevention of MistakesPrevention of Data CompromisePrevention of Misrepresentation
Control Activities Prevention of TheftPrevention of MistakesPrevention of Data CompromisePrevention of Misrepresentation
Control Activities Prevention of Theft Allocate new apply one time adjustment permission Separate duties for shift close-outs and deposits Separate duties for invoice entry and posting Separate duties for check printing and signing Activities to Implement
Control Activities Prevention of TheftPrevention of MistakesPrevention of Data CompromisePrevention of Misrepresentation
Control Activities Prevention of Mistakes Assign account permissions to increase simplicity Separate duties for entry and posting of journal entries Use importing feature to import entries Activities to Implement
Control Activities Prevention of TheftPrevention of MistakesPrevention of Data CompromisePrevention of Misrepresentation
Control Activities Prevention of Data Compromise Restrict users to applicable branches or departments Restrict users to necessary major codes Activities to Implement
Control Activities Prevention of TheftPrevention of MistakesPrevention of Data CompromisePrevention of Misrepresentation
Control Activities Prevention of Misrepresentation Budget for Revenue before Expense Establish levels of review Encourage use of comments Lock down budget after board approval Activities to Implement
Establish Environment Assess Risks Control Activities Monitor Performance
Use the Event Log in DAXKO Operations and DAXKO Accounting to monitor performance
Accounts Payable General Ledger Budget Monitor Performance DAXKO Accounting
Review Establish Environment Assess Risks Control Activities Monitor Performance
Action Items Determine your Vulnerabilities Set Goals to Improve Internal Controls Utilize Roles and Permissions Establish Policies for Monitoring the Event Log Evaluate Processes on a Regular Basis