We design and apply Internal Control.
Designing an internal-control system for your business requires planning and an understanding of the detailed operations of the company. Internal controls serve several purposes, but primarily they help to ensure that the business operates as intended and to prevent opportunities for fraud and misappropriation of goods or money. Internal controls give business owner and shareholders the peace of knowing everything is working properly without having to personally oversee every aspect of the operation.
Internal controlwhich is also referred to as operational controlsis a process effected by the organization's structure, work and authority flows, 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, both physical (e.g., machinery and property) and intangible (e.g., reputation or intellectual property such as trademarks).
At the organizational level, internal control objectives relate to the reliability of financial reporting, timely feedback on the achievement of operational or strategic goals, and compliance with laws and regulations. At the specific transaction level, internal control refers to the actions taken to achieve a specific objective (e.g., how to ensure the organization's payments to third parties are for valid services rendered.) Internal control procedures reduce process variation, leading to more predictable outcomes.