Internal Controls Consulting for Not-for-Profits and Private Companies

Although the wide-reaching Sarbanes-Oxley Act currently applies only to public companies, there are internal control components to it that — if proactively applied by a not-for-profit organizations and private companies — can help improve the value of your organization.

A thorough understanding of internal controls and how they create value is critical for any organization, including not-for-profits and private companies. It is the responsibility of the board of directors and management to effectively govern risk. An effective system of internal controls forms one of the foundations necessary to help your organization reach its full potential. For example, if an organization needs additional resources or capital, having a solid system of internal controls helps provide stakeholders with a degree of confidence. In addition, third parties that do business with a not-for-profit organization or a private company may have policies that require internal controls or compliance with Sarbanes-Oxley.

Still, finding the time and skilled resources to implement a solid system of internal controls presents a challenge for many not-for-profits and private companies.

How we can help

The experienced professionals at Freed Maxick use a multi-phased approach to help you build a solid internal controls system. Our multi-phased approach, outlined below, is designed to assess and document your company’s internal controls.

1. Planning
2. Assess design effectiveness 
3. Assess operating effectiveness 
4. Ongoing monitoring and testing

Our risk management methodology utilizes the Committee of Sponsoring Organizations (COSO) of the Treadway Commission guidelines — the standard for internal control. COSO is not only an integral component of our methodology, but the essence of the framework is built into our software tools.

Why Freed Maxick & Battaglia, CPAs?

Unlike many other providers, Freed Maxick doesn’t audit around your IT system. Because we recognize that changes in business processes have IT implications, we include technology risk consultants in the assessment process. This allows us to comprehensively assess your risks without subcontracting critical tasks and helps us to retain control over the consistency and quality of the services you receive.

Our risk-based services are designed to provide our clients with exceptional value and often yield opportunities to identify and mitigate threats to your business goals. The result can be a more efficient, better-run business.

Freed Maxick & Battaglia, CPAs is Western and Upstate New York's (NY) largest public accounting firm and a Top 100 firm in the U.S. Freed Maxick provides, audit, tax and consulting services to private and public (SEC) companies in Buffalo, Rochester, Syracuse and Albany New York. Affiliated with RSM McGladrey, the 5th largest accounting firm in the U.S., Freed Maxick has vast national and international resources to help your business expand nationally and internationally.

Related Services

• Enterprise Risk Management
• Sarbanes-Oxley (SOX) Consulting
  • SOX 404 Compliance
  • SOX IT Audits
• Internal Controls -Non-Profits | Private Companies
• Internal Audit Consulting
• Disaster Recovery - Business Continuity Planning
• Technology Risk Management Services
  • Strategic Information Technology Planning
  • Information Systems Selection - Implementation
  • Technology Assessments - System Reviews
  • Information Systems Security - Controls Consulting
  • SAS 70 Reviews
  • SAS 70 Audits
  • PCI Data Security Standard Compliance
    

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