What you should look for:
Whatever you decide to do when selecting an internal auditor, just keep in mind that you can have a WIN-WIN relationship. Know that the internal audit is not designed to hurt your operations, they are there to make your operations better, quicker.
The Institute of Internal Auditors states, "A cornerstone of strong governance, internal auditing bridges the gap between management and the board, assesses the ethical climate and the effectiveness and efficiency of operations, and serves as an organization's safety net for compliance with rules, regulations, and overall best business practices."
For those companies that do not have a need to hire a full time or permanent Internal Auditor, the next best relief would be to outsource the internal audit function.
What an internal auditor (or outsourced accountant) can do for your company.
Read more to see how this operation can develop WIN-WIN Relationships.
Today, Organizations are hit everyday with some sort of fraud. Whether it be internal, from management or an employee or external, from a vendor or customer, every leader need to learn that they are not exempt from fraud. But there are some things you can do to prevent / detect fraud.
If your company has experienced fraud for with cash or have concerns about fraud with cash, below are some symptoms you should note:
Accounting firms must stay abreast of laws and requirements for tax, accounting and audits. Many accountant offer financial advice and help individuals and small businesses develop budgets and set financial goals. Whether you need someone to handle weekly accounting/bookkeeping services or you just want reliable tax advice, you’ll be happier with your choice if you ask some preliminary questions.
Certification - Tax preparation firms hire and train tax preparers to assist the public in filing income taxes, but these firms can’t offer in-depth advice to small businesses. In general, the greater your accounting needs, the more you’ll benefit from a general accounting firm that employs certified public accountants, or CPAs.
Fees - Accounting fees vary, so it is important to gain an understanding of how the firm you select charge for services.
Service - If you need complete bookkeeping services, look for a full-service accounting firm that employs bookkeepers who handle day-to-day client transactions. If you need some sort of assurance service, you will need a CPA.
Synopsis of Video:
Relates to Grant Management for the recipient of Federal funds.