VITALICS INTERNAL CONTROL AUDIT REPORT TEMPLATES AND FORMS
Auditor reports and forms provide internal control review and over-site to help reduce fraud risks within an organization. They are commonly used to provide an overall review and objective of the company’s current financial controls. The Vitalics Internal Control Audit Report Templates and Forms are created specifically for smaller organization audit reviews.
INTERNAL CONTROL AUDIT REPORT TEMPLATES AND FORMS
WHAT IS VITALICS
Vitalics is a small business internal control program that provides all the tools to easily set up and implement your company’s controls. Vitalics contains over 140 already created yet customizable internal control forms, checklists and templates in a desktop application. Vitalics forms are also available separately. Whether you are a business owner, office manager, bookkeeper or accountant, Vitalics will provide you the reassurance that your work or your company assets are protected. The Vitalics Internal Control Audit Report Templates and Forms were created for the independent internal control auditor to implement for their small business clients.
COMMON ANTI-FRAUD CONTROLS
Specific policies and procedures designed to provide management with a reasonable assurance that the goals and objectives it believes important to the entity will be met
Internal Control Weakness
Weakness in the control environment, accounting system, or control activities or procedures
Segregation of Duty
Division of tasks into two parts so that one person does not have complete control of the task.
INTERNAL CONTROL AUDITOR
Don’t just tell your client or employer what to do
Provide the tools and solution to implement the controls rather than just providing a report that tells the organization what is lacking. If you can bring a solution to fix it to the table, the organization will most likely fall back to the way they ran their business without making the changes. If the changes are available and easy to follow, you will have a more successful rate of completion and implementation.
If you discover Fraud
Don’t jump the gun. Mistakes can be costly and throw a case. Make sure your organization contacts legal counsel before you go any further. Don’t go straight to the source or perpetrator. Gather your evidence to proceed with the proper channel and chain of events.
Be prepared for emotions
Fraud is not just a business issue, it is an emotional issue. If you discovered fraud within a victim organization, the owner or partner all though a “business” is still a person, and that person is now going to go through the emotional reactions of anger, sadness, disbelief and frustration.
Be Pro-Active on Prevention
If you are pro-active with preventing fraud, completing internal control reviews and being consistent with those reviews to make sure your work and implantation is going in the right direction, you will reduce the fraud risks within the organization. Most perpetrators if seasoned embezzlers will quit and go to work for another organization if they feel they can’t get away with their schemes. Others who are not seasoned will not take the risk of committing fraud.