Internal Control

Our team provides expertise and guidance to organizations design, implement, and maintain effective internal control systems, with consideration to applicable requirements such as FDICIA and SOX. We work closely with clients to understand their business processes, identify risks, and develop customized control frameworks tailored to their specific needs and objectives.

Internal Controls Assessments

Internal controls are vital to an organization, forming the foundation for accurate financial reporting, streamlined operations, and adherence to laws and regulations. They play a key role in safeguarding assets by preventing fraud, such as embezzlement, asset misappropriation, or financial record manipulation, and they protect against theft, damage, errors, or misuse. Strong internal controls are essential for effective corporate governance and management oversight.

Sikich’s independent evaluation of your internal control environment ensures that all significant risks have been identified and effectively mitigated within your organization.

Internal Controls Documentation

The documentation of internal controls is an essential part of effective risk management. Whether it is the first time documenting your control or updating existing documentation, our team provides ways to create or update your documentation efficiently and effectively.

Many organizations try to make improvements by reinventing the wheel with every business challenge they face. It results in reformatted and repackaged procedures that result in insignificant change. Imagine having access to a library of proven strategies, innovative solutions, and time-tested methodologies right at your fingertips. With access to Sikich’s Best Practice Database, that vision becomes a reality.

Internal Controls Deficiency Remediation

When deficiencies in internal controls are identified, remediation involves taking corrective actions to strengthen internal controls and reduce the risk of errors, fraud, or non-compliance. This may include implementing new controls, enhancing existing controls, providing additional training to staff, improving communication processes, or redesigning workflows.

With competing priorities of the business, companies find themselves behind in internal control remediation & monitoring. While your team continues with running the business and attending to customers, our team provides innovative remediation, tests the remediation to ensure it has been institutionalized and monitors all deficiencies to closure.

Automation

Automation can improve your internal control structure and reduce your organization’s risk of control failure.

At Sikich, we can review your processes to make best fit recommendations for robotic process automation (RPA) or enterprise resource planning (ERP) control configurations, among other options. Ultimately, the automation of routine manual controls improves control accuracy, increases cost efficiency and reduces the risk of fraud.

Data Analytics & Visualization

Data analytics has become an essential way to identify anomalies and proactively respond to potential fraud.

The use of data analytics in your internal control program can provide a more robust program as it reviews a population of transactions versus just a limited sample. It can also create efficiencies and reduce the cost of manual testing.

Our team can help to develop or enhance your organizations analytic capabilities by implementing data analytics and creating dashboards and visualization tools to manage operations.

SOX Maturity

A Sarbanes-Oxley (SOX) maturity assessment evaluates an organization’s SOX compliance, specifically regarding internal control over financial reporting (ICFR). It includes management’s assessment of the control environment, risk assessment processes, control activities, information and communication mechanisms, monitoring activities, documentation and testing procedures, and remediation processes for control deficiencies.

Our SOX maturity assessment helps organizations review their program to enhance the effectiveness and efficiency of their internal control systems, reduce compliance risks, and improve overall financial reporting integrity. We use our vast experience and benchmark against industry standards and regulatory requirements.

“The experience that this team has brought our company was second to none. They quickly gained detailed understanding of our business processes, adding immediate value to our objective of SOX readiness. The team approaches all work with a deep passion and the utmost professionalism. Their knowledge on SOX and compliance was extensive and their recommendations helped us improve our processes and internal controls.”

Client
Chief Accounting Officer