A sound system of internal controls is essential to managing the risks that confront an organization on a daily basis. Effective internal control helps mitigate the risk that errors or fraud affecting an organization’s finances may occur, and increase the likelihood that errors or fraud will be detected timely if they do occur. For many organizations, internal controls can make the difference between achieving objectives and missing them.

For a copy of our Internal Control Advisory Services brochure, please click here.

The Problem

Many organizations approach the management of internal controls on an ad hoc basis, reacting to gaps as they become evident, rather than proactively identifying and mitigating gaps before they lead to problems. A formal internal control assessment process helps ensure that all gaps are identified and mitigated, not just the ones that happen to get noticed.

Our Solution

Dopkins offers a variety of services to help organizations assess, design, and implement internal control systems. Our services can include any or all of the following phases of our proven internal control methodology:

Phase I – Preparation of Entity Wide Risk Assessment

• Work with management to identify significant risks and process areas.
• Facilitate fraud risk assessment.
• Identify relevant IT applications.

Phase II – Assess Control Design Effectiveness

• Document the process and identify key controls.
• Assist in remediation of any internal control deficiencies.

Phase III – Assess Control Operating Effectiveness

• Perform testing to determine if controls are working effectively.
• Assist in correcting any control failures.

Phase IV – Monitor Ongoing Effectiveness

• Identify training needs and develop a plan/perform ongoing testing of controls.

Who Needs These Services?

Dopkins Risk Advisory professionals have extensive experience in providing consulting services to clients from a wide range of industries, including manufacturing, not-for-profits, and health care. Dopkins professionals have assisted several public companies with SOX implementation, and have led similar projects for private companies interested in achieving SOX-like internal control environments.

Benefits to Our Clients

As an organization changes and grows, its internal controls must also evolve. Our process leverages best in class industry resources to ensure that your internal controls continue to be designed and operating effectively.  We can design an internal control assessment to your specifications. Whether it’s performing any entity-wide evaluation of internal controls or evaluating specific processes, our solution will be tailored to meet your needs.

Questions for You

1. Are you interested in optimizing your control environment?
2. Would stakeholders value feedback regarding the maturity of your control environment and opportunities to improve?
3. Are you interested in reducing redundant, manual and other non-value activities existing within your control environment?
4. Are you comfortable that the landscape of fraud risks are appropriately identified and mitigated?
5. Have you considered evaluating if the controls implemented are operating as designed?

For more information, please contact Jim Krupinski, CPA at jkrupinski@dopkins.com.