Importance of Internal Financial Controls in .NET framework

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Importance of Internal Financial Controls
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Accounts Receivable Accounts receivables are amounts owed to the nonprofit from sales or delivery of services to its clientele made on credit A good financial control to handle accounts receivable is to properly record and arrange for quick recoveries Recovery efforts should escalate if there is any delay in the recovery process Parties with continued issues with recoveries should be tracked and flagged and corrective action should be taken Accounts Payable Accounts payable are amounts due to suppliers or others from whom the nonprofit has received goods or services on credit A proper financial control of accounts payable ensures that all invoices are legitimate and accurate, they are properly recorded, and payment is made to the right supplier Petty Cash Petty cash is a cash fund maintained for payment of small incidental purchases or reimbursements Dealing in cash represents an extra degree of risk, so a greater degree of care needs to be exercised Proper controls of petty cash could include the following governing rules: Petty cash should always be kept under lock and key There should be tabs on the minimum and the maximum amount to be kept in the fund There is a limit on the amount of petty cash that can be used for a single disbursement The fund should be enough to cover petty cash expenditures for a month There must be a process for petty cash disbursement An example of a petty cash disbursement for reimbursement process includes: 1 The payee first completes a reimbursement form, attaching all relevant receipts and documentation 2 The payee submits the reimbursement form to the authority for approval 3 The authority reviews the reimbursement form and either approves or disapproves 4 Upon approval, the form goes to the cashier who makes the payment after proper identity verification of the payee 5 The cashier records the transaction and notes the remaining balance in petty cash fund The cashier s supervisor then reviews the records and rechecks the balance in the petty cash fund
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SOX Best Practices and Internal Controls
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Segregation of Duties Financial control includes written policies that an organizational structure should design to ensure appropriate segregation of responsibilities It reduces a person s opportunity to commit and conceal fraud or errors It also includes rotation of duties Duties should be divided between staff to reduce the opportunity for errors and frauds Segregation means that no one person handles any financial transaction from beginning to the end For example, in the case of paying invoices, one person should authorize the payment, another should draw the checks and record the payment in proper books of accounts, a third person should sign the checks, and a fourth person should reconcile the bank statements Since each individual is given the ownership of that particular task, any break in the flow immediately flags the person who committed the fraud Check Signing A simple control regarding check signing requires checks to be signed by at least two different people if the amounts of purchases go above a certain level The purpose of this is to create a check and balance on check signing and give the decisions of whom to pay, how much to pay, why to pay, and when to pay to multiple individuals This makes misappropriation of funds difficult Payment Documentation Every payment should be supported by the original invoice, with receipts and other documentation attached to the invoice When the payment is made by check, the entry should be recorded, name of the person or firm to whom payment is made should be recorded, and the check number, check date, and check amount should also be noted The names of the check signing authorities should also be recorded and their signatures obtained Inventory Internal controls to manage inventories of goods for sale or in stock recommend that all items in inventory should be properly documented All deliveries should record the vendor name, product name and stockkeeping unit number, delivery date, shipment number, delivery quantity, and also document the shipment notice signed by the vendor Beginning stock and ending stock should be computed every day and reconciled with sales numbers to identify any difference The warehouse should be responsible for inventory numbers at the warehouse, if there is one, while a store manager should be responsible for sales and on-shelf inventories Product returns should be tracked separately and authorized by a manager
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