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Given the holiday season, most individuals would assume that I’m referring to their preparedness for Christmas or New Year’s, having relatives in town or having the kids off from school for a few weeks. And while all that may be true, what I’m really asking is about your internal controls. Do you have adequate internal controls to identify and mitigate risk, to allow your company to function properly when you are not around, to give you piece of mind that your company is not overly exposed due to its limited control environment.
Often, contractors have similar responses when internal control issues are brought to their attention. Limited time, resources and headcount are all too familiar hurdles that enable internal control deficiencies to continue to exist. Here are six internal control areas that you can’t afford to ignore any longer.
While it may seem to be the easiest course of action regarding internal control deficiencies is to continue kicking the can down the street, that inaction does nothing to protect your company’s resources, improve the reliability of your financial statements or limit and mitigate risk to your company. If your internal control environment has you feeling out of control, it’s time to contact an advisor in the Schneider Downs Construction Industry group to identify solutions for your internal control needs.
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