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#DCarsonCPA on project and process support to Teamwork. We Can help www.dcarsoncpa.com #CFO #Controller #Analyst #InterimController #Turnarounds #workouts #streamlining #ContinuousImprovements #LeanStrategy #LeanAdvisory #ProjectManager #BusinessAnalyst #DataScience #DataGovernance #AuditTeam #AuditPrep #AuditManager #StrongControls #GRC #ITGRC #AntiFraud #Forensics #Operable #ChecksandBalances #ALLSectorLines #GRLSTEM #ERFLTSFrames #EconomicResearch #SocialResearch #EngineeringResearch #STEM #ANSI #ISO #TechnicalAccounting #StatutoryAccounting #RegulatoryAccounting #Banks #InvestmentBanks #BrokerDealers #Insurance #WealthManagement #PlanSponsors #PlanAdvisors #5500 #Tax #InvestmentManagement #PE #VC ALL Sector Lines supported where #Financials #Legal #Technology and #Teamwork meet on #DecisionMaking Support Services for your Board, C-Level Executives, Staff, Line and Community Points on Stakeholder Needs. We can help. On Services and Applied Research #DCarsonCPA and #GRLSTEM lines through Next GEN #DCarsonCPA

Internal Controls 🔍 Having the the right controls in place will ensure your business mitigate and control risks. Key controls: - ✨Segregation of duties - making sure that not one person controls an entire finance process, as this can been an area of fraud. - ✨P&L vs Budget / Reforecast review - allows the business to identify any significant differences and pick up unusual / unexpected costs to discuss with budget holders. - ✨Access controls - regular reviews of system access, removing old employees and changing access. - ✨Approvals processes - ensuring that the right levels of control are set for the business size. - ✨Balance sheet reconciliation - identifies incorrect / unusual transactions that require investigation. What others items would you add? The internal controls of each business will look different depending on size and complexity. #controls #processes #reconciliation #business #audit #risk #access  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 🆘 - If this is something you are looking for support with, please reach out via LinkedIn and I would be happy to discuss further. Josephine Ferguson ✨ + 🔔 - Sharing business, strategic, finance insights. #interimfd #interimcfo #interim #fractionalfd #fractionalcfo #consultant #opentowork #financeproject

How I uncovered and fixed a $150 billion control failure As Head of Internal Controls for Global Finance Fortune 200 Organisation, I faced a massive challenge. During an audit, we discovered that 25% of the reconciliations for our $150 billion investment portfolio weren't being done properly. This meant the financial results we were reporting could be inaccurate. Not okay! I had to act fast to get this under control. Here's what I did to turn this around: ➡ Reviewed all 120 reconciliation processes to find 30 areas for improvement ➡ Got leadership to approve a remediation plan to fix the issues   ➡ Clearly defined roles and responsibilities for the 50 reconciliation staff ➡ Implemented a centralized tracking system to ensure 100% completion   ➡ Strengthened the review process with double sign-off requirements ➡ Provided 20 hours of training to upskill the reconciliation teams But I didn't stop there! ➡ Reported monthly to the Audit Committee on our progress ➡ Conducted a 6-month post-implementation review to validate controls ➡ Identified 5 more areas to improve further The results? A 95% reduction in reconciliation errors! This experience showed me the power of: → Proactive risk identification  → Collaborative problem-solving → Continuous improvement mindset Dealing with a $150 billion control failure was no small feat. But by taking a comprehensive approach and refusing to compromise, we overhauled the processes and controls. Have you faced a similar challenge? Let me know how you overcame it!

#DCarsonCPA #Financial #Legal #Tax #Regulatory and #OCBOA #Accounting #financials #compliance #analysis #GRC #ITGRC #AuditTeam #auditmanager #auditprep #strongcontrols #CFO #controller #Analyst #ProjectManager #BusinessAnalyst #MultiModal #LeanEngineering #Agile #EconomicResearch #socialresearch #policytoValueinContext #Transparency #StrongControls #ChecksandBalances #optimization #continuousimprovements WE CAN HELP www.dcarsoncpa.com #TechnicalAccounting #Comprehensive #GRC #ITGRC #Security #VUCA #Insurance #banking #BrokerDealers #CapitalMarkets #Funds and more. #ERP #EPM #FRB #OCC #NetCapital #STAT #Reserves #ActuarialApprentice #DataScience #statistics and more... Where Financials, Legal, Technology and Teamwork meet...we bring Value.

Why are internal controls important in a business? 🔍 Businesses implement them to safeguard their assets, ensure financial accuracy, enhance operational efficiency, and comply with regulations. These controls aid in reducing risks linked with financial transactions and reporting. Here are some typical internal controls in finance: - Segregation of duties - Divide tasks to prevent fraud. - Authorisation controls - Specify who can approve financial activities. - Physical controls - Secure cash and assets with locks and security measures. - Reconciliation procedures - Regularly compare financial records for accuracy. - Documentation and record-keeping - Maintain detailed financial records for transparency. - Management Review - Review financial processes for weaknesses. - Employee training - Training staff on financial policies and ethics. - IT controls - Protect financial data with technology measures. - Budgetary controls - Monitor spending against budgets. Are there any others that you would add? #media #business #internalcontols #finance #sme _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Help me on my mission to connect with others in our finance network by 👍🏻, ✅, or 💬 on this post - thank you Follow Josephine Ferguson + 🔔- Sharing business, strategy, and finance insights. 📮 If you would like discuss any support requirements please DM me. #interimfd #interimcfo #interimfinance #interim

Why are internal controls important in a business? 🔍 Businesses implement them to safeguard their assets, ensure financial accuracy, enhance operational efficiency, and comply with regulations. These controls aid in reducing risks linked with financial transactions and reporting. Here are some typical internal controls in finance: - Segregation of duties - Divide tasks to prevent fraud. - Authorisation controls - Specify who can approve financial activities. - Physical controls - Secure cash and assets with locks and security measures. - Reconciliation procedures - Regularly compare financial records for accuracy. - Documentation and record-keeping - Maintain detailed financial records for transparency. - Management Review - Review financial processes for weaknesses. - Employee training - Training staff on financial policies and ethics. - IT controls - Protect financial data with technology measures. - Budgetary controls - Monitor spending against budgets. Are there any others that you would add? #media #business #internalcontols #finance #sme _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Follow Josephine Ferguson + 🔔- Sharing business, strategy, and finance insights. 📮 If you would like discuss any support requirements please DM me. #interimfd #interimcfo #interimfinance #interimfinancedirector

#DCarsonCPA #TechnicalAccounting #AccountingPolicy #Regulatory #Tax #CPA #Individuals #coporations #Partnerships #Trusts #Financials #ProjectManager #BusinessAnalyst #CFO #Controller #ResearchAnalyst #Analyst #statistician #actuary support #DataScience #Economist #Analyst #AuditTeam #auditprep #FinancialForensics #GRC #ITGRC we can help on your project and process needs in flow on Strategic, Operational and functional Consulting Today www.dcarsoncpa.com #FinancialServices #WallSt and #MainSt lines all lines resolving to needs across #Growth #RiskManagement #Logistics and #STEM application of the knowledge to the map and compass of financials to performance. We can help on the key points where #Financials #Legal #Technology and #Teamwork meet on Optimized Cost Benefit Aligned Workflows for Continuous Improvements #DCarsonCPA #GRLSTEM #ERFLTS lines. Built Strong on Lean for the Tough Times and the Strong Times in the economy and financials.

Overall Value of Control Testing to Companies: 1)Enhanced Internal Control Effectiveness: By identifying control weaknesses, companies can improve their internal control systems. 2) Risk Mitigation: Effective controls can reduce the risk of financial misstatement, fraud, and operational risks. 3) Operational Efficiency Improvement: By identifying and eliminating redundant or ineffective controls, business processes can be optimized. 4) Stakeholder Confidence Boost: A robust internal control system enhances investor, regulator, and other stakeholder confidence. 5) Regulatory Compliance: Many industries require companies to maintain effective internal control systems; control testing helps ensure compliance. 6) Informed Decision Making: By providing information about control effectiveness, management can make more informed decisions. 7) Continuous Improvement: Regular control testing can drive ongoing improvement in processes and controls. By performing these tests of control, companies can gain a comprehensive understanding of their internal control system's effectiveness, thereby improving overall operational efficiency and risk management capabilities. *********************************************************** The provided information is intended for reference only. Please consider seeking additional professional guidance if necessary. If you need reliable audit and tax services, contact us at +60143612749 or admin@teyling.com. #AccountingTips #SME #TaxCompliance taxation accounting auditing company

Finding value and significance in everyday moments can lead to a more fulfilling life. Whether it's the small joys or the big milestones, approaching each day with appreciation and enthusiasm can enrich our lives and help us create meaningful memories. #motivation #internalaudit #internalauditor #auditor #riskmanagement #innovation #creativity #productivity #iso #audit #accounting #business #auditing #bookkeeping #auditinternal #governance #compliance #training #corporategovernance #management #finance #businessconsultant #risk #vigilance #myteam #credit #isaudit #assurance #trust #integrity #iia #charteredaccountant #ca #icai #costaccountant #ca #cs #cma #instituteofinternalauditor #fintech #startups #funding #fund #finance #fundraising #bank #nbfc #banking #mba

Is Your Company Required to Implement Internal Financial Controls (IFC)? Does your organization meet any of these criteria? Turnover exceeding ₹50 crore as per latest audited financial statements, Borrowings of over ₹25 crore at any point of time during the financial year, If yes, Internal Financial Controls (IFC) as mandated by the Companies Act, 2013, should already be on your radar! But IFC is far more than just compliance. Why is IFC More Than a Checkbox? Effective Risk Management: Identify and mitigate potential financial and operational risks before they escalate. Streamlined Processes: Establishing robust controls enhances efficiency and reduces redundancies in operations. Accurate and Fair Reporting: With IFC, ensure the integrity of financial statements, inspiring greater stakeholder trust. How I Can Make Your IFC Journey Meaningful With my experience in auditing large organizations and driving process excellence, I help companies navigate IFC implementation in a way that goes beyond compliance. Here’s how: Tailored Risk Control Matrices: Aligning controls with your specific processes to maximize relevance and efficiency. Process Improvement Insights: Identifying opportunities to refine workflows and minimize bottlenecks during implementation. Enhanced Reporting: Ensuring that your financial statements meet the highest standards of accuracy and transparency. 📩 Let’s discuss how we can create a robust control framework that works for your company!