Internal Controls Assessment in the Bay Area
At LNB Accounting, our goal is to enhance your company's operations, guide you to new avenues of sustainable growth, and protect your revenue. One of the most crucial components of your business's continued financial success is your internal controls. A robust system allows you to protect valuable assets, check the accuracy of accounting data, and operate efficiently. We work directly with you to enhance your company's operations while remaining compliant with all regulations.
Since 2011, we've helped the companies of Concord, Antioch, Walnut Creek, and the surrounding areas with their tax and accounting needs. We're able to provide consultations in person at our comfortable Concord office or remotely to the San Francisco Bay Area or Los Angeles. With our modern cloud accounting software, we offer a stress-free and efficient accounting experience that's tailored to suit your situation. Call LNB Accounting today regarding your free initial consultation!
What Are Internal Controls & Why Are They Important?
A business's internal controls are the procedures, rules, and mechanisms that protect their accounting and financial data, increase accountability, and reduce fraud. Implementing a practical system of checks is beneficial to your company in several ways. You'll remain compliant with local and federal regulations, prevent internal theft and fraud, and improve internal efficiency by increasing financial reporting accuracy.
How We Bolster Your Internal Controls
When you partner with our CPA, we begin by assessing your internal control systems to determine the success of your operating procedures. We use our experience and accounting skills to look for ways to improve your operations' efficiency and effectiveness. Our team then makes recommendations based on our findings that help your company become stronger and more profitable. We search for effective ways to:
Internal Controls FAQ
We've compiled a list of frequently asked questions regarding internal controls for Concord and surrounding Bay Area companies. If your question isn't answered here, we'd love to hear from you!
What are the different components of an internal control system?
A comprehensive internal control system consists of its control environment, risk assessment, control activities, monitoring, and information and communication. The control environment is the workplace atmosphere created by your management through attitude and effective communication. Risk assessment allows our team to identify areas of your company that are at risk of loss or inaccuracies.
Control activities are the clearly defined roles your executives and leaders have in managing your company and finances. With careful monitoring and attention to detail, reduced efficiency and performance issues can be quickly noted and rectified. Ensuring that your employees have access to correct and relevant information regarding the company's structure and operations is essential to managing your internal control system.
Are there multiple types of internal controls?
There are three recognized types of internal control systems, each of which prevents or reacts to specific issues. Preventive measures stop irregularities or errors from occurring at all through proactive measures. Risk identification is crucial to the performance of this kind of control. A detective measure identifies an issue after it arises, allowing you to quickly discover and correct the problem. Corrective controls fix errors and prevent them from reoccurring once they've been detected.
Who's responsible for my company's internal controls?
Everyone who works for your business has a role to play in maintaining the efficiency and integrity of your internal control system. Your executives and senior leadership work alongside our CPA to set procedures and policies that protect your interests and establish a transparent chain of command. Managers implement and oversee the system to ensure it functions as intended, and your employees uphold the company's rules and regulations. Fraudulent activities and financial errors at any level must be reported promptly.
Efficient Concord Internal Control Assistance
Developing a functional and streamlined set of internal controls is essential to the continued success of your business. At LNB Accounting, our CPAs invest the time and resources necessary to bolster your internal systems and protect your finances, assets, and employees. Our team can't wait to hear from you, so get in touch with LNB Accounting in Concord today!