When do you review your internal processes and procedures? Are all transactions properly authorized and recorded? Does your team have the external perspective to perform independent internal audits?
Enron has brought a whole new internal control awareness and corporate liability to the Chief Executive Officer (“CEO”) and the Chief Financial Officer (“CFO”). Wunsch & Basile understands CEO’s require transactions to be authorized, documented and reported in a non-bureaucratic and timely and verifiable format. Though not all-inclusive, below are just some of the control issues facing management:
- The safeguarding of corporate assets
- Revenue recognition
- Transactions that comply with the provisions of the Foreign Corrupt Practices Act
- Asset valuations must be valued in compliance with Generally Accepted Accounting Principles (“GAAP”)
- Liabilities are reported and disclosed in compliance with GAAP
- Accounting for Stock Options complies with GAAP
Wunsch & Basile has designed controls and processes utilizing systems and databases, ranging from QuickBooks through Oracle Applications. We have established contract review procedures that ensure management authorization and reporting accuracy.
Wunsch & Basile offers the combination of independently reviewing the current control processes and, if deemed necessary, internally leading the efforts to integrate enhanced systems and processes.
