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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?. Internal Control.

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  1. Thank You to our Sponsors

  2. Checks & Balances • Internal Controls to Achieve a Successful Audit

  3. Once Upon a Time… • Approximately $96,000 • 18 months • Mid 30s female • YMCA finance director and accountant

  4. What are Internal Controls? • InternalControl …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

  5. What are Internal Controls? • Separation of Duties: • Checks & Balances • Permissions

  6. What are Internal Controls? • Role Based Access Control • Using Technology: • DAXKO Operations • DAXKO Accounting

  7. Internal Controls Process

  8. Establish Environment

  9. Establish Environment • A Receptive Environment Requires a • Top Down Approach

  10. Establish Environment • Define Roles • Assign Responsibilities • Communicate Clearly

  11. Establish Environment

  12. Assess Risks

  13. Assess Risks

  14. Assess Risks

  15. Assess Risks

  16. Assess Risks

  17. Assess Risks

  18. Control Activities

  19. Control Activities

  20. Control Activities

  21. PreventionofTheft Control Activities Activities to Implement • 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

  22. Control Activities

  23. PreventionofMistakes Control Activities Activities to Implement • Assign account permissions to increase simplicity • Separate duties for entry and posting of journal entries • Use importing feature to import entries

  24. Control Activities

  25. PreventionofData Compromise Control Activities Activities to Implement • Restrict users to applicable branches or departments • Restrict users to necessary major codes

  26. Control Activities

  27. PreventionofMisrepresentation Control Activities Activities to Implement • Budget for Revenue before Expense • Establish levels of review • Encourage use of comments • Lock down budget after board approval

  28. Monitor Performance

  29. Monitor Performance • Use the Event Log in DAXKO Operations and DAXKO Accounting to monitor performance

  30. Monitor Performance • DAXKO Accounting

  31. Review

  32. 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

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