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The Internal Control Checklist for Small Business from Vitalics is an Excel file that you can easily modify to fit your organization. This form will help guide you in monthly and annual reminders of what controls should be implemented as well as followed with small business internal controls. Using a internal control checklist for small business with predefined procedures, will help lower occupational fraud and abuse, help you identify red flags, and be that reminder of what you need to look for in order to lower your organizations fraud risks. If your company has limited staff or one bookkeeper that handles all accounting functions, your business has an added resource in this template in order to be the missing link in segregation of duties.
Journal entries are an easy way to hide embezzlement. The reason is they lack review or substantiation and most business owners accept a journal entry at face value as the “bookkeeper or accountant” knows what they are doing and are fixing errors or providing tax benefits to the company’s income. Financial reporting controls are essential to safeguarding your business from fraud and embezzlement.
The internal control checklist for small business is part of the the Financial Reporting internal control forms package or the complete Vitalics Internal Control System Bundle. This form can be purchased individually as well.