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SERVICES Internal Control, Evaluation, and Consulting Fraud in nonprofit organizations is today's hottest topic in nonprofit accounting and auditing circles -- and not just because of Enron! Many nonprofit organizations have suffered loss of assets through fraud, and loss of reputation and credibility due to misrepresentation of their financial positions. So the Financial Accounting Standards Board (FASB) -- ever mindful of our responsibility to those who rely on financial statement information -- has issued two Statements of Auditing Standards (SAS): No. 78 "Consideration of Internal Controls in a Financial Statement Audit: An Amendment to SAS 55," and No. 99, "Consideration of Fraud in a Financial Statement Audit." "Internal Controls - Not just a good idea - It's the SAS!" Internal controls are policies and procedures that, when properly and consistently used, will reduce your risk that assets could be misused, while they promote timely detection of errors in your financial statements. Good internal controls help you manage your resources efficiently, provide a safer working environment for your staff, and protect your standing in the community. Crosby & Kaneda can help you develop and strengthen internal control systems, which will make you more able to protect and conserve your assets and improve the reliability of your financial statements. We can tailor this service to your organization's size and budget. We'll begin with one free hour of risk assessment and a copy of our Internal Control Questionnaire, which is a handy tool for improving internal controls all by itself. Then we'll review your responses and prepare a proposal focusing on the weakest links in your chain of operations. We will provide suggestions for:
· using checklists to confirm results · gathering information to classify and document financial transactions · convincing your staff that these systems are necessary · training them in implementation and use · enlisting your Board members as watchdogs to improve monitoring. |