Consulting

Internal Control Services

The Need for Internal Controls

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.  Warren Averett’s Consulting Group 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

• Internal Control Design and Review - Warren Averett 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 cutting or staff reduction needs.
• Sarbanes Oxley (404) Implementation Assistance - All public and many large private 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).   Our staff has extensive industry experience and specialized internal control training and can become an important part of your management implementation team for Sarbanes Oxley.
• 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 Sarbanes-Oxley 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.  Warren Averett provides internal audit services by a team of experienced managers with direct knowledge of internal audit and industry experience.
• Fraud Investigation - Industry surveys in recent years have shown that as many as 75% of all companies in the US have experienced some type of fraud.  The majority of frauds carried out in small businesses occur because of poor internal controls.  If your company or management suspects or identifies instances of fraud, the professionals at Warren Averett can play an important role in your fraud investigation by providing forensic fraud services.
• SAS 70 / Audits of Service Organizations - Statement of Accounting Standards No. 70 (SAS 70) requires organizations that provide services to others, such as bank trust departments, payroll service providers, claims processors and others to have an annual review of their internal controls in accordance with the standards.  Auditors place reliance on SAS 70 reports in the audits of companies that use service organizations.  Warren Averett has experience and staffing to meet the needs of service organizations in a cost efficient and effective manner.