Internal Controls Assessments in New South Wales

Internal controls refer to the important processes, systems, records and activities that an organisation designs, implements and maintains to ensure they are achieving organisational objectives. Brown Auditing Services helps organisations across Hunter, Manning and the Central Coast implement and assess their internal controls to improve decision-making and compliance.

What are Internal Controls?

Internal controls are typically designed around ensuring the reliability of financial reporting, efficiency and effectiveness of operations, and compliance with relevant laws and regulations. Internal controls help manage internal risks, prevent errors and irregularities, identify problems and ensure that corrective actions are taken.

Internal controls refer to an ongoing process that people across the organisation interact with on a daily basis. It includes everything from organisation policies to record keeping procedures. Audit professionals can assist organisations in designing, implementing and adjusting their internal controls to improve compliance, use of resources and accuracy of information.

Types of Internal Controls

The internal controls structure typically involves the following components.

  • Control environment – How organisational processes are managed. This includes policies, contacts, duties, organisation authority, philosophy and operating style of management, how authority and responsibility is assigned, and the integrity, values and competence of those in the organisation.
  • Risk assessment – The direct ways in which internal risks are identified and managed. For example, regular meetings to discuss risk issues, internal reviews and charging someone or a team with assessing risks.
  • Control activities – The policies and procedures that help manage the risks across various operations. For example, approvals, authorisations, verifications, reconciliations, security, purchasing limits, reviews of operating performance and segregation of duties.
  • Information and communication – How important information is recorded and communicated. This includes everything from financial reporting to how different individuals and teams communicate within the organisation.
  • Monitoring – Internal control systems need to be monitored periodically to ensure its ongoing effectiveness. This includes periodic internal audits and engaging an independent expert to review current internal controls.

Help Reviewing Internal Controls in New South Wales

At Brown Auditing Services, we can review your internal controls and make recommendations for improvements. We have experience working with organisations of all sizes across a range of industries and can tailor our approach to your requirements. Whether for an aged care facility, sporting club or private company, we can help you manage internal risks, improve operational processes and ensure compliance.

Call +61 428 661 200 or contact us online for services across Dubbo, Hunter, Rutherford, Orange, Tamworth, Taree, Maitland and the Central Coast. Get a deep understanding of what are internal controls and how we can help improve yours.