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Many
companies have a need for a
less-than-full-time person to do key
accounting or financial oversight,
adjustments and reporting.
A significant
portion of our consultants time is
spent doing regular Controller or CFO-level
work with our clients. These type
engagements generally have defined regular
visits once every week, two weeks, or month,
quarterly depending on the level and volume
of the client's need.
We provide
a reality check for your business. Stacy
Patrick, our managing Partner, is a CPA and
has audited public and private companies
since 1981. Having audited companies
requiring compliance to the Sarbanes Oxley
Act since it's implementation, Stacy
understands the need for internal controls.
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Who Needs Internal Controls?
You the small
business owner! |
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You are probably the biggest
Stake Holder in your company |
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SOX is not looking out for you |
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You may not need audited
financials |
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but |
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You need to protect yourself. |
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Internal Control is a
process effected by those charged
with Corporate Governance,
management and other personnel,
designed to provide
reasonable assurance about the
achievement of the entity’s
objective with regard to
financial reporting , compliance
with laws and regulations and
effectiveness and efficiency of
operations. |
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Examples of Weaknesses in Internal Control |
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Inadequate design of internal
control over the preparation of
the F/Ss being audited |
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Inadequate documentation of
internal control components |
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Insufficient control
consciousness within the
organization |
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Absent or inadequate controls
over the safeguarding of assets |
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Employees/Management lack
qualifications and training to
fulfill assigned functions (ex
Corporate Controller unable to
apply GAAP in recording
transactions or preparing (F/Ss) |
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Failure to perform reconciliations
of significant accounts on a
timely or accurate manner |
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How can
a Part Time CFO help you?
A
company outsider can also help deliver a
reality check!
We are
able to help start-up and early stage
companies are helped by providing
affordable professional support in areas
where the entrepreneurs lack experience. We
frequently help set up their business
organizations, their accounting records,
provide their payroll and other services
needed.
More
Established companies use out part-time
CFO/Controller support. In this way they
obtain senior-level financial management at
a low cost. We help with financing and
bank-related issues, cost and expense
reduction, credit issues and turnarounds.
I have
a CPA that provides an audit or review,
prepares our tax return, why do we need a
part time CFO?
We do
not take the place of your CPA, however
our extensive software experience, with
Intuit, Sage and Microsoft Products allow us
to understand how your accounting system
should be set up.
We help
your CPA maintain their independence. If
an auditor is to avoid auditing his or her
own work, certain complex tasks that a
company is not able to perform internally
may have to be outsourced. The Public
Company Accounting Oversight Board (PCAOB)
is a private sector, nonprofit corporation
established by SOX to oversee auditors of
public companies. The PCAOB bases its
independence requirements on four basic
principles: (1) an auditor must not act as
management or as an employee of the audit
client; (2) an auditor must not audit his or
her own work; (3) an auditor must not serve
in a position of being an advocate for his
or her client; and (4) an auditor must not
have mutual or conflicting interests with
his or her audit clients.
Solution
Resources wants to work with you and your
CPA. |
