Internal Controls in Accounting for Virginia Businesses

At times you may need a trained outside professional to evaluate your business' operations to determine if the appropriate accounting internal controls are in place to ensure proper handling of resources and to protect yourself from employee theft.

E. Wayne Bostain, CPA, and Certified Fraud Examiner, is an expert at internal control auditing to ensure his clients are running their businesses as efficiently as possible with the most safeguards in place to prevent fraud and other financial drains. As a Certified Fraud Auditor, Wayne Bostain is a specially trained expert in both proactive and reactive internal controls in accounting. Wayne Bostain specializes in helping business clients in Hampton Roads, including Virginia Beach, Chesapeake, Norfolk, Portsmouth, Suffolk and throughout Virginia.

As your accountant, Wayne Bostain will assess the internal controls in your accounting to determine the efficiency and effectiveness of your operating procedures. He will then make recommendations to help your business become stronger and more profitable by correcting any inefficient or ineffective operating procedures.

Audit of Internal Controls

What Wayne Bostain will do for your business...

• Implement segregation of duties so that duties are divided, or segregated, among different people to reduce risk of error or inappropriate actions. No one person has control over all aspects of any financial transaction.
• Make sure transactions are authorized by a person delegated approval authority when the transactions are consistent with policy and funds are available.
• Ensure records are routinely reviewed and reconciled, by someone other than the preparer or transactor, to determine that transactions have been properly processed.
• Make certain that equipment, inventories, cash and other property are secured physically, counted periodically, and compared with item descriptions shown on control records.
• Provide employees with appropriate training and guidance to ensure they have the knowledge necessary to carry out their job duties, are provided with an appropriate level of direction and supervision, and are aware of the proper channels for reporting suspected improprieties.
• Document policies and procedures and making them accessible to employees. The documented policies and procedures provide day-to-day guidance to your staff and continuation of duties in the event of prolonged employee absences or turnover.
• Review operations to ascertain whether results are consistent with established objectives and goals and whether the operations are being carried out as planned.