Risk Management and Internal Control

Risk management is integral to good governance and successful development. Every type of enterprise entails risk and those who manage risk most effectively can gain competitive advantage. We will work with you to support your need for effective risk management in the strategic development of your organization.

Internal controls are designed to prevent and detect errors or fraudulent activities, safeguard assets, ensure financial information is accurate and reliable, and assist in the achievement of business objectives.  Profitas Consulting provides internal control services to all types and sizes of businesses, to assist in evaluating the effectiveness of the company's internal controls.

Many internal control engagements are focused on assisting management in documenting or implementing new systems or procedures and making improvements in internal accounting controls.  With the advent of Sarbanes-Oxley and the related guidance, additional focus has been placed on the design and effectiveness of internal controls in all companies.  Management and the Board of Directors are much more cognizant of the need for an effective system of internal control.

Internal Control Services include:

• Internal Control Design and Review - We can assist your company in analyzing, documenting, designing or reviewing internal controls for any or all of your accounting functions.  It is important for companies to analyze their business needs and select internal controls that will limit the potential for fraud.  This can be particularly beneficial in the event of a new system implementation, a reorganization or restructuring of your accounting functions or the need to review your internal control design to develop efficiencies for cost saving.

• Internal Audit - The demands on the internal auditor are changing as companies strive to enhance governance, manage their risk more effectively, and create a sustainable compliance process.  The current environment presents a unique set of challenges, as well as an exciting opportunity to make a contribution and add value to the organization.  Many companies have elected to outsource their internal audit function, as a cost efficient alternative to internal staffing.  We provide internal audit services by a team of experienced staffs with direct knowledge of internal audit and industry experience.

• Sarbanes Oxley (404) Implementation Assistance – Subsidiaries of US public companies are addressing the requirements of Sarbanes Oxley in the area of internal control to achieve compliance required by the Public Company Accounting Oversight Board (PCAOB).   We have experience and can become an important part of your management implementation team for Sarbanes Oxley.