Here we go again. End of the year closing and controls. A lot of companies and business owners think of doing the internal control for their accountant. While internal control is mostly important for management and the results of it are important. Precisely the independant critical view of internal control is what management needs.

Take a look at this example of a supermarket chain with a lot of goods, sales prices and a diverse set of discount promotions. For prices of goods for all branches are processed in a central cashier system. In practicality this often goes well, but what if it goes wrong?

In this example one of the promotions is removed from the system one week late. This did not get noticed internally. The results: customers unintentionally get the discount for 1 week long, this resulted in extra costs of 10.000€. A small mistake with a big impact.

From the Finstream perspective we approach it this way: Correct risk analysis with the most important stakeholders. Then we analyse the current internal control within the company. Which measures have been taken internally and to what extend are these measures effective? This shows the most important residual risks for the company and the necessary measures to take to cover the most important risks. Of course we also help with the implementation of the internal control.