Tips for better internal controls at small organizations
Sep 07, 2016
On September 7, 2016, CGMA Magazine released an article where they discuss the five steps to strengthen internal controls at small businesses and not-for-profits.
Internal controls may lag at smaller organisations as managers sacrifice them for the sake of service delivery, particularly at cost-conscious not-for-profits and start-up organisations.
In the article, they give five low-cost steps to consider as a starting point:
- Set a strong tone internally
- Provide a formal system for individuals to raise concerns without fear of retaliation
- Be attuned to what is happening within the organisation
- Focus on relationship-building and open communication
- Consistently enforce policies across the entity to uphold fairness
Review the article on CGMA Magazine's website.