Most companies and organizations employ a control system to avoid material misstatements. But how strong is your control over internal financial reporting? Are you sure your corporation has a foolproof system in place?
XGE consultancy provides control testing through third party specialists. This is an evaluative service that assesses a company's control. It is done so only after gaining extensive knowledge of the host organization so that problems, if any, can be tackled more effectively. If found out that your company or organization does not have a secure system in place, our team of experts can help fortify the weak points in your approach.
A strong system of internal controls is important for several reasons in every healthy business.
For starters, it is the first line of defense against any violation or fraudulent activity in the organization. As it goes without saying, an organization is only as good as its internal control systems.
Good internal control will have far-reaching effects: improves the environment, ensures the employees are adhering to a set of processes so that the organization is not dependent on the person, and identifies any redundant or inefficient processes that need to be worked upon. Perhaps the biggest effect of a good control system we have witnessed is the sense of accountability found in the organization.