With limited resources and tightening budgets, establishing effective internal controls can become tricky. Controlling the cash flowing into and out of the organization is supremely important and can generally be done effectively with the personnel and board members that are already in place. The single most important tenet of a control structure, especially in cash disbursements, is to limit opportunity by segregating duties. Think about the person that performs the most duties related to cash disbursements in your organization. What happens if that person receives some added motivation such as an ill family member with medical bills or a spouse losing a job? Could they rationalize the need for additional funds and ultimately cause damage to your organization? As honest as you perceive people in your organization to be, segregation of duties helps keep these people honest. 

The following are a list of helpful controls that limit the ability to perpetrate and conceal theft of cash. Read the rest of this entry »

Would you like your audit to go smoother?  Would you like to know the difference between a financial statement audit and a compliance audit?  Would you like to shorten the time the auditors are at your office?  If you answered “yes” to any of these questions, then you should attend the “Executive Exchange” hosted by the Funding Information Center on Wednesday, March 4th (11:30 – 1:00). 

Compliance=Accountability: Preparing for an Audit will be presented by Linda Low, Audit Partner and Donna Mayes, Audit Manager, both with Rylander, Clay and Opitz, LLP.  During this informative workshop, you will learn what can make your life easier, how to make the auditors’ happy, how to reduce/eliminate internal control deficiencies, and how to easily remedy common compliance issues associated with your single audit. 

For more information and registration, contact the Funding Information Center .