Strengthen Your Internal Controls

Effective internal control requires the use of technology

Today, a number of software products are available to enable the management of the internal control. The core functionality provides user access security, standardized workflows, and audit trail. A sustainable internal control must consider the ongoing management needs; therefore its functionalities must be extensible as the business evolves and grows. Implementing internal control measures in concert with appropriate manual procedures and management oversight can significantly strengthen internal control in your business.

User Access Security
The first line of defence in any software application is to establish user identifications and passwords for each user requiring access to the system. Specific rights and privileges should be granted to each user allowing each user to access only those areas of the application necessary to complete job tasks as assigned by documented job descriptions. Restricting user from accessing to areas irrelevant to their duties reduce the risk of fraud and theft of your business's vital information.

Standardized Workflows
Not only do standardized workflows improve your business efficiency, it enforces discipline in business processes by eliminating frauds and human errors. Workflow information is stored in database and data can be easily analysed to identify anomalies. Workflow also removes anonymity; successful implementation requires user identification to each task, therefore creating transparency and user accountability. Employees must be educated to safely guard and not share their system access password as they will be held accountable for all actions recorded in their identity.

Audit Trail
Audit Trail report answers the questions of "who" did "what" and "when" they did it. For every transaction entered, changed, or deleted in the system, the Audit Trail report generates a history of the user who entered, changed, or deleted the transaction, the date and time the entry, change, or deletion was affected, and the appropriate transaction details.

No single measure or combination of measures can provide absolute assurance that internal control objectives are being met. However, by adopting the measures outlined above – along with other procedures targeted to the specific needs of a business – business owners can help insulate themselves from fraud and other internal control failures. The key to successful internal control is in establishing layered and measured response to the risks specific to the business.

Mionos offers the expertise in implementing business solutions that integrates all your business functions with your company financials. We offer a range of superior software products that is customizable to your business needs and scale as your business grows. Mionos Solution Architects are business-experts who understand business processes and veterans in aligning technology with your business.

Contact us today for more information.


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