The following is a sample of recent industries served: Aerospace Manufacturer ($30M – CFO), Retail ($3B – Head of Project Management Office), Consulting Services ($3B – Process Improvement Consultant), Nonprofit ($30M – Interim Controller), Pharmaceutical Manufacture ($20M Process Improvement Consultant), Restaurant and Night Club Chain ($20M – CFO).

Addressing Business Risk

Business risk comes in many shapes and forms and from many directions. Some risks can be minimized through better management, policies, and controls. Many risks are outside of the organization’s control, but can be offset by such mechanisms as insurance. We help our clients identify business risks and evaluate the organization’s best response.

One of the most significant business risks is the risk that financial reporting is not timely and accurate. We are experts at designing and implementing efficient, comprehensive financial reporting so that management and the Board can make important decisions based on reliable data and understandable reports.

Good governance also requires that those in leadership positions establish a system of internal accounting controls to address the risk that transactions may not be appropriately authorized, recorded, and/or reported. We are experts in risk management and internal control. We design and implement practical procedures — from the initial authorization of a transaction to the monitoring of financial reporting. We eliminate unnecessary business risks, so Boards and Senior Managements can sleep better at night.

Internal Control — A Practical Approach

Good internal control is not an end in itself. We are passionate about the benefits, in monetary and other terms, that we believe good internal control bestows. Good internal control is crucial to any entity’s success.

Having been operating executives and Board members ourselves, our internal control evaluation focuses on the necessary but practical steps that the entity needs, from individual transaction authorization and recording to the high level Board oversight.

Our evaluation begins at the beginning of each accounting process – the initial action that initiates a transaction. We follow the process from initiation to completion, insuring that the procedures followed are controlled through appropriate review and approval, segregation of duties, and other management principles. We also evaluate the financial reporting policies and procedures to insure that management and the Board receives appropriate financial statements and analysis.

Nonprofit agencies can be especially susceptible to serious consequences resulting from problems within the internal control system. Problems in internal control can result in loss of contributors and loss of government funding if the nonprofit fails to protect its assets or does not comply with the many government compliance rules which sometimes vary from department to department.

Procedures Manuals

An integral part of any accounting department and a foundation of good internal control is a comprehensive policies and procedures manual. For most government auditors, the first step in their review is to check the recipient’s procedures manual. Our review and evaluation of your internal control policies and procedures includes modifying or preparing your policies and procedures manual.

We are only a phone call away. Call John Cohen at 617 694 4600 to discuss any aspect of your accounting and finance operations.