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Blog


3 TYPES OF FINANCIAL CONTROLS TO REDUCE ORGANIZATIONAL RISK


HOW CONFIDENT ARE YOU IN YOUR FINANCIAL CONTROLS?

One of the most critical pieces of the financial close is an organization’s
comprehensive financial controls and compliance framework. Every company,
whether privately held or publicly traded, has different types of internal
control — although that framework will vary based on internal control
objectives, country, industry, public vs. private, nature of the close (for
example, virtual), and other relevant factors. However, the effectiveness of an
organization’s compliance framework depends entirely on the organization, its
tools, and the processes they’ve implemented toward their compliance
considerations. It is critical to note that if organizations fail to directly
address or set up a comprehensive financial controls process, they are in
jeopardy of accidental compliance violations that may greatly impede the success
of the overall business financially and reputationally.

> “In companies who had to restate their financials, 80% thought their controls
> were effective before finding they were deficient after the event.” – Public
> Company Accounting Oversight Board (PCAOB) Survey
> 
> “While most companies have made strides to standardize their controls, over
> 50% state that their cost of compliance is still increasing and over 70% still
> feel that the burden of compliance is set to increase over time.” – Financial
> Executives Research Foundation (FERF) Survey
> 
> “Over 90% of participants believe they have established governance frameworks
> to manage risk, but less than a quarter are truly confident that key controls
> are operating effectively.” – PwC Survey




HOW WOULD YOU CLASSIFY YOUR ORGANIZATION’S FINANCIAL CONTROLS FRAMEWORK?


REACTIVE:

Financial controls are designed but managed in spreadsheets, emails, and word
documents, resulting in:

 * Little standardization
 * No automation


PROACTIVE:

Financial controls are designed and adequately documented, and there is a drive
towards standardization and automation, providing:

 * Documented controls
 * Standardization
 * Automation
 * No link to other close activities


WORLD-CLASS:

Financial controls are integrated, standardized, and monitored continuously in
real-time across the organization as part of a wider framework, which is:

 * Automated and standardized across the company
 * Part of a holistic internal framework
 * Top-down approach
 * Owned by the business




DEFINE YOUR INTERNAL CONTROL OBJECTIVES TO REDUCE RISK

If your organization’s risk management framework hasn’t quite reached that
world-class level, you can take specific steps to improve your processes. After
conducting a health check based on the criteria above, examine the types of
internal control you have in place already, along with the goals that these
controls are meant to accomplish. It’s important to remember that the scope of
an internal framework reaches beyond mere financial controls; it’s meant to
promote operational accuracy and efficiency, ensure compliance with internal
policies and legal requirements, and fulfill the business’s moral obligation to
its employees, customers, and stakeholders.

In general, you can categorize an effective framework into three major types of
internal control: preventive, detective, and corrective.


PREVENTIVE INTERNAL CONTROL OBJECTIVES

Preventive types of internal control are meant to keep errors or infractions
from happening in the first place. This could range from physical security
measures, like requiring badge access to an office space, to checks and balances
meant to ensure accurate information input.

With regard to the Office of Finance specifically, common preventive controls
include a separation of duties over common tasks like performing and authorizing
transactions or preparing, reviewing, and approving reconciliations.


DETECTIVE INTERNAL CONTROL OBJECTIVES

Detective types of internal control are meant to identify errors or infractions
after they have occurred, but before they can linger long enough to become a
larger problem. Depending on the industry type, this could include measures like
a physical inventory count.

Regarding the Office of Finance specifically, the majority of internal controls
in place fall into this category. Internal audits provide reports and insights
into compliance with company policies and relevant laws, catching any gaps or
flaws before any external audit does so. Financial reporting and reconciliations
not only identify errors but also offer data on an organization’s overall
financial health, so CFOs can make smart decisions based on the data.


CORRECTIVE INTERNAL CONTROL OBJECTIVES

Corrective types of internal control are meant to fix the errors and infractions
identified by detective controls, as well as improve the processes that cause
those errors. This includes reactionary controls like disciplinary action
against employee misconduct, along with structured controls such as software
patches and updates.

With regard to the Office of Finance specifically, variance analysis and
procedure updates are essential internal controls. If repeated errors go
unaddressed month after month, then accountants are constantly firefighting
instead of delivering the valuable business insights expected from the Office of
Finance today. Tools like financial close automation software can give the time
and resources needed to identify patterns of error so that F&A teams can go
about streamlining their processes for improved speed and accuracy.

If your Office of Finance is ready to improve your financial controls, you can
start by implementing these risk management best practices. From there, update
your risk framework based on types of internal control and internal control
objectives using these four steps.




REDUCE YOUR INTERNAL AUDIT EFFORT BY UP TO 40%

How to Reduce Organizational Risk by Standardizing Finance and Accounting

Download the eBook



Written by: Nathan Stabenfeldt

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