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Todays Keys What are Internal Controls Financial Close Controls - PowerPoint PPT Presentation

Jul 19, 2023 •199 likes •389 views

Todays Keys What are Internal Controls Financial Close Controls Where to Find Resources Community Foundation 1 What are Internal Controls Community Foundation 2 Objectives of Internal Control are Interrelated Reduce risk of loss

  1. Today’s Keys What are Internal Controls Financial Close Controls Where to Find Resources Community Foundation 1

  2. What are Internal Controls Community Foundation 2

  3. Objectives of Internal Control are Interrelated Reduce risk of loss Safeguard Assets Ensure Compliance reliability Community Foundation 3

  4. Control Environment ● Overall awareness & importance ● Management & Board set tone ● Technical Competence ● Disciplined structure=consistency ● Maintains ethical commitment Community Foundation 4

  5. Financial Close Controls Community Foundation 5

  6. What is Financial Close ● Sequential steps dependent on each other ● Potential errors are identified & corrected ● Adjusting entries are made ● Reconciliations take place ● Trial balance prepared ● Culmination of financial statements Community Foundation 6

  7. Set Expectations ● Monthly closing = mini audit ● Closing checklist ● No one person controls entire process ● Timeliness ● Reliability of data ● Not enough staff to segregate duties? Use compensating controls Community Foundation 7

  8. Compensating Controls Use Board or Committee Involvement to ● Approve expenses over certain $ ● Approve payroll ● Review financial information monthly ● Review bank reconciliations ● Require a second check signature ● Open & review bank statements Community Foundation 8

  9. Manual Journal Entries ● Month-end journal entry checklist ● Use journal entry templates ● Verify posted as expected ● Look for unexpected balances ● Investigate any unusual entries Community Foundation 9

  10. Cash Reconciliation ● Supporting bank statements ● Cash receipts log verified to bank statement ● Transfers verified ● Items in transit verified ● Cleared checks compared to check register ● Investigate voided/stale checks Community Foundation 10

  11. Reconcile balance sheet accounts ● Review activity posted ● Confirm work papers agree to GL Review revenue/expense accounts ● Look for reasonableness ● Compare to budget ● Compare to prior periods Community Foundation 11

  12. Generate trial balance ● Ensure accounts carry appropriate balances ie: assets = debit, liabilities = credit ● Ensure debits = credits ● Prelude to financial statements Prepare financial statements ● Statement of Financial Position ● Statement of Activities ● Make it difficult to change prior periods Community Foundation 12

  13. Financial Statement Review ● Management ● Audit/Finance committee ● Board of Directors Community Foundation 13

  14. Annual Audit = Smooth Sailing! Community Foundation 14

  15. If Fraud Happens ● Have a plan ● Punish the offender ● Report to law enforcement ● Recover stolen money Community Foundation 15

  16. Resources Community Foundation 16

  17. Resources ● Today’s Slides ● Community Foundation Financial Close Chart ● Resource Listing & Related Material Community Foundation 17

  18. Questions & Answers Community Foundation 18

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