Well-Check is designed to assess an organization’s governance, risk management and compliance practices with a specific focus on assessing the processes and internal controls intended to safeguard assets, properly account for revenues and expenses, and ensure strong governance is in place.
Well-Check involves interviews of personnel, review of documentation and observation of business practices. Accounting activities and reporting processes are evaluated as they relate to the accurate capture and reporting of key financial and performance information. The objective of the review is to provide actionable observations and recommendations intended to enhance the organization’s processes and internal control. Specific procedures include:
- Interview key personnel to gain an understanding of key activities and responsibilities
- Review and document both the collection ( means of receiving and safeguarding funds received) and deposit practices
- Review and document the disbursement practices (e.g., checks, ACH)
- Assess the authorities and responsibilities assigned to each staff member
- Evaluate positions for proper segregation of sensitive functions and accountability
- Review the functionality of the accounting system and appropriateness of user assigned access privileges
- Review policies and practices with respect to governance matters, including but not limited to the following:
– Delegation of authority
– Capital allocation
– Expense reimbursement
– Personal use of the assets
– Bidding protocols
– Financial oversight and monitoring
The deliverable of the review is a report for the internal use of the organization. The report includes a description of the procedures performed, observations noted and recommendations resulting from the review that Schneider Downs believes will strengthen the organization’s internal control environment.