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Inside Internal Controls

News and discussion on implementing risk management

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Apolone Gentles JD CPA CGA

The five essential elements of internal controls within accounting teams

Accounting departments need to implement the five essential elements of internal controls within their teams. Like it or not, organizations hold their accounting departments to higher standards when it comes to internal controls.

 

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Ensure secure disposal of hardware

Organizations often make the mistake of considering the disposal of hardware only when they are ready to discard equipment, if at all. Instead, they should plan for hardware disposal throughout the entire systems development lifecycle, from acquisition and testing through to operations.

 

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GAAP closes gaps in interpreting financial information

Generally accepted accounting principles (GAAP) closes gaps in interpreting financial information, by providing rules for the financial reporting road.

 

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Implement effective governance practices in not-for-profits

There are increasing pressures on not-for-profit boards to implement effective governance practices. The growth in the sector and the increase in financial, cybersecurity, and other risk factors have fuelled pressures on not-for-profits to be more accountable to its members, donors and other stakeholders.

 

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It’s almost year end; avoid cut-off errors

Cut-off errors are common and it is important that you avoid them, particularly at year end when one fiscal year will be closed and finalized for the external audit or as a precursor to starting the new fiscal year.

 

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