Many companies do not have the correct - if any - Internal Control Procedures in place. This safeguard problem enables many different types of Asset Misappropriation inside as well as outside the company. Depending on the size of your company, and Internal Control Review can take as little as 16 hours. Your CPA can provide your business with an internal control audit or you can Contact Us to learn more.
Third party review of your accounting records by a Certified Fraud Examiner or your CPA
Recommendations and procedures for safer accounting control practices
Knowledge of how your business is running and where your money is going
Peace of mind
The Cost of an Internal Control Review
The average length of time for an Internal Control Review for a small business is 16-hours.
The average cost of an internal control review depends on the amount of time and data that is being reviewed. General audits for small businesses range from 16 to 20 hours which costs $125 per hour.
The cost of an internal control review is considerably minimal compared to the loss due to fraud. It is worth the peace of mind.
Based upon actual case studies reported, 23% of small businesses with revenues from $1 million to $10 million per year have a median loss of $200,000 per year due to fraud. The initial detection of occupational fraud in a small business is by a tip. The second detection of fraud is by accident. Fraud is much easier to prevent than to detect.
