Accounting departments need to implement the five essential elements of internal controls within their teams. Like it or not, organizations hold their accounting departments to higher standards when it comes to internal controls.
If the most serious internal control violation is a failure to implement internal controls in the first place, the failure to monitor existing internal controls is a close contender. Identify where in the organization effective monitoring occurs and leverage those successes.
Established in 1995, First Reference Inc. (known as La Référence in Quebec) provides Canadian organizations of any size with practical and authoritative resources to help ensure compliance.