Services
Internal Control Services
Failure to manage risks associated with complicated business models, new accounting pronouncements, laws and regulations can have a significant impact on your business. Accounting irregularities, restatements and fraud happen all too often. A well-managed and coordinated approach to internal controls can reduce the probability of breakdowns.
But it's easy to do too much, and some have arguably gone too far. The culprit is a "check-the-box" approach that puts too much emphasis on covering every risk and every control. Overlapping and poorly coordinated internal controls programs can waste time and money.
Solutions
MorganFranklin believes that a sensible approach and healthy balance to internal controls is required. Internal controls should ensure compliance and awareness of risks, but never slow the pace of business. What's needed is a better link between effective controls and performance and a concerted effort to minimize duplicative efforts across the enterprise.
MorganFranklin designs and implements streamlined compliance and internal controls programs for public and private companies. We consider your unique risk profile, existing technology, organizational skills and structure, and other variables to design internal controls programs that fit best with your business. And when duplicative efforts and overlapping controls exist within the same entity, we seek to lower the cost of compliance through our Integrated Compliance and Cost Reduction framework.
Collaboration is also important. We work as an advocate for our clients when dealing with auditors, attorneys, partners and others to determine what is required to meet compliance requirements and obligations. This is a key ingredient to finding the right balance between doing too much and doing too little.
Our capabilities
- Sarbanes-Oxley Compliance
- Risk and control environment evaluation
- Fraud risk assessment and prevention
- IT controls and planning
- Control gap identification and remediation
- Continuous monitoring solutions
- Technology evaluation and implementation
- Project management support
- Facilitation with auditors
- Internal audit alignment
- SAS-70 Readiness
- Privacy Assessments
- IT and Cyber Security
- Process improvement
Value
- Lower compliance reporting costs
- Reduce dependence on manual controls
- Monitor rapid changes in the business
- Speed up decision making
- Reduce number of key controls
- Prioritize remediation efforts
- Maintain strong auditor relationships
