Print This Page Print This Page

Internal Controls Consulting

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.

Internal Controls Consulting Services:

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.

CONTACT US to learn more about our Consulting Services.

ABOUT US: Freed Maxick 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 closely-held businesses, public (SEC) companies, not-for-profits and governmental entities in Buffalo, Rochester, Syracuse, Albany and NYC, New York.