Everyone (no matter the size) can have internal controls. By Peter S. Olsen, CPA
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1 Everyone (no matter the size) can have internal controls By Peter S. Olsen, CPA
2 Introduction This is me..
3
4 Agenda 1. Define small nonprofits 2. Detective vs. Preventive controls 3. Discuss the most important key to IC s 4. Look at controls for Cash in and Cash out
5 Warning!!!! It s really early, so be aware I might call on people throughout the presentation.
6 Why do we call them Small Revenue does not equal impact
7 Alternative names: Understaffed accounting departments Unrestricted funds challenged ccounting department
8 Defining controls Preventative controls: - Designed to stop something from happening (ex. errors or fraud) - Dual signature on a check - Separating receiving vs. authorizing purchases - Independent vendor verification - Segregation of duties
9 Defining controls Detective controls: - Designed to identify something that already happened (ex. errors or fraud) - Reconciliations - Inventory counts - Donation acknowledgments - Segregation of duties
10 Defining controls So where do we live between these two? - Credit Union - Hospital - YWCA St. Paul
11 Finding the sweet-spot Identify the areas where preventative controls are necessary: - Cash going out - Payroll And those places where detective controls will suffice: - Inventory
12 But before we go any further.. the most important key to all controls, no matter the size of an organization is
13 A VOICE!!!!!
14 What happens when you don t have a voice
15 Creativity is the 2 nd key Recruiting people from areas outside of finance: - Receptionist - Executive Director - Board members - HR - Program staff
16 What does every job description have in common? Other Duties as Assigned
17 The 3 rd key is.. Segregation of Duties: No one person should be able to initiate a transaction, approve it, then record the information in the accounting system and then reconcile the results.
18 Or as defined by Wikipedia Separation of duty, as a security principle, has as its primary objective the prevention of fraud and errors. This objective is achieved by disseminating the tasks and associated privileges for a specific business process among multiple users. This principle is demonstrated in the traditional example of separation of duty found in the requirement of two signatures on a cheque
19 Isn t Wikipedia great A person with multiple functional roles has the opportunity to abuse those powers. The pattern to minimize risk is: Start with a function that is indispensable, but potentially subject to abuse. Divide the function into separate steps, each necessary for the function to work or for the power that enables that function to be abused. Assign each step to a different person or organization.
20 SOD for cash going out: 1. Who is approving the payment 2. Who is recording in the accounting software 3. Who is signing the checks 4. Where does the check go after signed
21 SOD for cash going out: 1. The invoice approval should not be the person recording in the accounting system 2. Check signer should not be the person who records the checks. 3. The check signer should be comparing to the invoice prior to signing 4. Once the checks are signed, they should not be returned to the person who records them
22 SOD for cash going out: Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please Please
23 I BEG YOU HAVE SOMEONE REVIEW THE BANK RECONCILIATION, BANK STATEMENT AND EVEN COPIES OF THE CHECKS FROM THE BANK
24 Petty Cash Just don t use them, they are evil But if you must, replenish the petty cash like you would a check so the controls around cash disbursement are still in effect.
25 SOD for cash coming in 1. Segregate who gets the money initially from the finance staff. 2. Receipt books are great, if set up properly and reviewed by someone 3. Donation acknowledgment should be separated from finance staff 4. Record receivables when possible
26 General controls Require vacations, but don t just stack up the work while they are gone. Stamp invoices paid Budget variance reports are great detective controls Spend 1 day a year trying to figure out how people can steal from you
27 General controls Review journal entries! Inventory counts by someone outside of finance and the people holding the inventory Review the financials in detail, not summary form
28 Don t forget that controls protect both the company and the employee. Protect yourself
29 Peter S. Olsen, CPA Chief Financial Officer YWCA St. Paul Or meet me at the end of the day by the Nonprofit Financial Group reception!
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