How To Perform An Assessment Of Your Internal Controls

Internal controls are used to direct, monitor and measure your business's operations and are key to your business meeting its goals. Controls should run through a business like blood runs through the body. However, controls are often only added after something has gone wrong.

If controls are so important, why isn't this article titled: "Five Internal Controls All Companies Should Implement to Eliminate Fraud and Error"? There is no perfect control. Controls can minimize risk – not eliminate it.

Internal Controls Are All About Risk

Designing internal controls requires knowledge of your business, it operations and its risks. It's is only through understanding how your business operates that you can design effective controls.