Operational Controls to Succeed
Companies should always be looking to improve their operational control design and performance to improve their bottom line. Internal controls are simply organizational processes, defined by policies and procedures to help reach objectives. They are often misunderstood and forgotten to the detriment of the organization. Internal controls over operations are essential in keeping a company on course toward profitability goals, accomplishing strategic goals and objectives, and preventing fraud. Internal controls can be a means to promote efficiency, mitigate risks, and help ensure internal compliance to operational objectives. Candela Solutions works with companies to design and test the efficiency and effectiveness of operational controls.
We understand COSO's (Committee of Sponsoring Organizations) Internal Controls-Integrated Framework, which provides an authoritative framework for documentation and evaluation. This framework identifies three objectives:
- Effectiveness and efficiency of operations, including the safeguarding of assets
- Reliability of financial reporting
- Compliance with applicable laws and regulations
The Internal Controls--Integrated Framework provides a powerful thought process towards understanding and executing controls to mitigate risks and enhance business value. Do not fall victim to the trap of passing this off as a non-value-added concept. To the contrary, it often can provide the basis for the competitive advantage you need to raise your company to the next level.
Another COSO framework we work with is Enterprise Risk Management--Integrated Framework. This framework is not intended to supersede the original Internal Controls-Integrated Framework, but rather defines enterprise risk-management components and provides direction for companies looking for a more robust approach of their enterprise risks.
The Candela Solutions' team brings a wealth of diversified expertise to enhance your control environment to best meet your operational, compliance and financial reporting objectives.
