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Intuitive internal control software for your businesss

Ensure the integrity of your financial, operational, compliance, and risk management procedures with Lumiform's internal control software app.
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Lumiform is trusted by leading companies in all industries

Key Benefits

Safeguard your assets from inappropriate use or fraud by uncovering issues and liabilities quickly. Respond promptly and appropriately to critical financial, operational, and compliance risks through effective issue management. Set triggers for specific events, raise issues automatically and assign corrective actions immediately within the Lumiform app. Ensure compliance with relevant laws, regulations, SOPs, and internal policies that help you achieve your business goals.

The internal control process must be centralized and straightforward, covering five components that make it effective. Use the Lumiform internal control software to make it easy for management to guide and direct employees and improve their competence. Ensure that everyone carries out their responsibilities through in-app communications. Assess the quality and adequacy of your control environment so you can address deficiencies before it's too late. You can do all these interrelated activities in one place with Lumiform.

Employees must have the skills and knowledge surrounding internal control software including company objectives, markets, and risks. Internal control management software must be able to adapt to your business’ processes to help you pursue your objectives. It is best to embed your internal controls into your existing information management systems rather than having a separate app for internal controls and risk management - Lumiform allows you to connect your internal control documentation software via API to your existing systems.

Get a head start with ready-to-use templates

Key Features
1. Set up forms in a snap

Select from over 12,000 ready-made inspection templates or create powerful custom forms in a flash.

Conduct inspections efficiently via the intuitive Lumiform inspection app. From wherever you are, online or offline.

Share observations and assign corrective actions directly to colleagues and track the entire troubleshooting process.

Share your automatically generated inspection reports directly with all stakeholders while thoroughly analyzing all data.

Work collaboratively on actions while logging operations.

Schedule and assign inspections so that they get conducted reliably in time.

Push notifications, emails or SMS remind your team of inspections that need to be done.

Add text comments and photos during an inspection.

Use logics to guide your team through each inspection in a standardized way.

Customize your reports so they fit your needs exactly.

Trigger and assign actions automatically based on an inspector’s answer.

Involve external partners in action resolution at no extra cost.

Connect Lumiform via API to your existing systems.

What is internal control software?

Organizations use internal control software to reduce fraud and keep the company’s assets safe. The system manages the internal control structure, including the accounting system, control environment, and control activities.

The Internal Control-Integrated Framework is a landmark internal control guidance used by companies worldwide. Developed by the Committee of Sponsoring Organizations (COSO), the framework aims to address issues related to deficiencies in an organization’s accounting and operations systems. Internal control management software addresses the practical aspects of the Internal Control-Integrated Framework. It consists of policies and procedures that ensure:

  • The appropriate use of assets
  • The proper functioning of the accounting system
  • The maximum efficiency of organizational operations
  • The security of assets
  • Employee compliance with corporate procedures and policies

A well-designed internal control system doesn’t eliminate the risk of loss, but reduces it. Organizations face different threats, and without proper internal control software, there are more chances for fraud, asset misuse, and workplace corruption.

Internal control software keeps a company’s assets safe, prevents the company from violating any laws, and records the company’s financial activity. Proper accounting records are necessary for evaluating a company’s operations, from employee activities to company processes.

Internal control systems do more than assess accounting records; they also uncover inconsistencies between accounting records and company operations. Effective internal control management software is essential to your business no matter its size, as it allows you to monitor your employees and protect sensitive customer data.

Table of contents

1. Why use internal control software?

1.1. Streamline business goals

1.2. Mitigate risks

1.3. Improve accountability

1.4. Secure internal operations

1.5. Boost confidence in your financials

1.6. Lower external audit fees

1.7. Faster certification process

2. What are the three types of internal controls?

2.1. Preventative controls

2.2. Detective controls

2.3. Corrective controls

3. Using Lumiform as internal control software

Why use internal control software?

Well-designed internal control software is an essential risk mitigation tool that helps your business continue to run without interference. The software improves several business functions and makes life easier in a variety of ways

Streamline business goals

Internal controls help you achieve operational objectives by improving the effectiveness and efficiency of business operations, making financial reports more accurate and reliable, and ensuring compliance with laws and regulations.

Mitigate risks

Effective internal control software ensures that employees use company resources for their intended purposes. It also makes processes more transparent and guidelines better defined, which improves compliance.

Improve accountability

Specific team members in your company are responsible for overseeing Internal controls. These individuals must monitor and perform internal control best practices throughout the year, not only during an audit.

Secure internal operations

Internal control software provides C-level executives better control and visibility of company internal operations and processes.

Boost confidence in your financials

Internal control management software supports Sarbanes-Oxley (SOX) compliance, indicating a more robust investment. By showing the public you have a sound internal control plan, your company avoids problems during a sale, and stakeholders will be more confident in your financials.

Lower external audit fees

Internal control documentation software makes the external auditor’s job easier and smoother, reducing time spent on audits and fees you need to pay. Organized internal control also makes revamping programs easier after an external audit.

Faster certification process

Obtaining business certifications opens up more opportunities. Business certifications can give you access to more resources and perks, helping you grow your business faster and get ahead of your competitors, but you must go through audits before you get certified. Passing a certification audit is easier if your company uses internal control management software.

What are the three types of internal controls?

The three basic categories of internal controls are preventive, detective, and corrective controls. An internal control software will have features that facilitate all types, because they all have critical roles.

Preventive controls

Preventive controls reduce the chances of errors and fraud before they happen. This type of control focuses on separation of duties, and includes the following:

  • Travel authorizations and other transaction pre-approval mechanisms
  • Passwords, authentication processes, and different ways of controlling access
  • Locks, money safes, and providing physical control over assets
  • Employee screening and training

Detective controls

Detective controls aim to find errors or problems after a transaction. Detective controls are essential because they guarantee that preventive controls operate as required. They can also discover irregularities after a transaction happens.

Examples of detective controls include:

  • Monthly reconciliations of departmental transactions
  • Review of organizational performance
  • Physical inventories

Corrective controls

Sometimes, preventive controls are not enough on their own. That’s why you need detective controls in place. Corrective internal controls are controls needed after detective controls find a problem to improve upon previous shortcomings. These include:

  • Software patches or modifications
  • Disciplinary action
  • Reports filing
  • New or improved policies replacing inefficient or insecure practices such as password sharing or employee tailgating

Using Lumiform as internal control software

The Lumiform mobile app and dashboard can make your internal control processes smoother. Using the digital tool to facilitate your internal control system gives you:

  • Completeness – You can use a checklistto record all transactions and ensure nothing is omitted.
  • Accuracy: Ensure that all transaction records are accurate and recorded promptly
  • Validity: Include checklist items that align with applicable laws, and require a manager to sign off on every record
  • Physical safeguards & security: Restrict access to checklists by user type, safeguarding physical assets and information systems.
  • Error-handling: Reporting and correcting errors detected by preventive and detective controls is easy thanks to analytics that are automatically created when you complete a checklist.
  • Separation of duties: Divide responsibilities to ensure no single individual has complete control over the transaction and recording functions.
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