Better Safe Than Sorry: Best Practices for Internal Controls
Nov 12, 2018 | By Blake Oliver
Even in the world of finance, internal controls isn’t a particularly sexy topic.
Controllers and CFOs often point out that they are too complex, require too many spreadsheets, and take too much time out of their already overbooked lives. Documenting and maintaining proper internal controls is a hassle, but getting them wrong could be potentially catastrophic for a business.
In 2016, the Association of Certified Fraud Examiners looked at 2,410 cases of occupational fraud from around the world, and identified $6.3 billion in losses. That’s an average of $2.6 million per case!
Can your company afford a hit like that?
Recently, FloQast conducted a webinar with internal controls guru, Chris Doxey. Doxey, who has held senior finance and controller positions at Digital Equipment Corporation, Compaq, and Hewlett Packard, was recruited to help MCI (formerly WorldCom) recover from their internal control challenges.
Throughout her career, Doxey has established herself as an expert at delving into a company’s internal controls, identifying holes, and suggesting solutions. While many companies boast about effective policies and procedures they’ve developed, Doxey has found that they are often useless unless they’re fully integrated into a company’s systems and procedures correctly.
Do your internal control policies reside in a dusty binder, or are they part of the fabric of how you operate?
Watch our Free On Demand Webinar on Internal Controls
Watch Top 20 Controls to Detect and Prevent Fraud to learn:
- The best practices for implementing and deploying internal controls
- How to correctly deploy the top 20 internal controls and their suggested roles and responsibilities
- How to start implementing the most critical corporate controls and why they are the foundation of any internal controls program
- How to leverage these controls to quickly detect and prevent fraud