Internal Controls - Why and How

Created 2 years ago in Business / Financial Consulting

Internal controls might sound complicated and many tend to defer prioritizing this domain to a later stage. It is simple if assisted by a deep knowledge of the business operations and professional help, if required.

Lets take a small example! Much of the operations is now getting captured in various software present at various hierarchies. If we could understand their data, reports and could setup correlation mechanism of reports from various sources, it would help identify areas of concern or lapse.

If there is an area of priority wherein a mechanism of capturing/ reporting information is not yet installed, it should be pursued and implemented. It would initiate review of this area through such reports.