Internal control over financial reporting has always been a major area in the governance of an organization, and this importance has been magnified in recent years. Ecclesia Accounting Solutions, LLC can assist in preparing you to "pass the test"!
You may have heard the term "internal control(s)," but what exactly is it? Internal control is a process, effected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objective in the effectiveness and efficiency of operations, reliability of financial reporting, and compliance with applicable laws and regulations.
Key points about internal control include:
- It is a process.
- It is achieved by people.
- It can only provide reasonable assurance.
- It is geared to the achievement of objectives.
Ecclesia Accounting Solutions, LLC internal control services were designed to assist churches, non-profit organization, and small business companies in:
- Protection of Assets
- Ensure Records Are Accurate
- Promote Operational Effectiveness and Efficiency
- Encourage Adherence to Policies
- Ensure Compliance with Laws, Regulations, and Contracts
Generally, controls are of two types:
Preventative Controls -- Designed to discourage errors or prevent irregularities from occurring. They are proactive controls that help prevent a loss. Examples: Separation of duties, proper authorization, adequate documentation, and physical control over assets.
Detective Controls-- Designed to find errors or irregularities after they have occurred. Examples: Reviews, analyses, variance analyses, reconciliations, physical inventories, and audits.
Ecclesia Accounting Solutions, LLC can assists you in establishing and maintaining an effective system of internal controls to aide in your objectives. | 
