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Internal Control Software App

Ensure the integrity of your financial, operational, compliance, and risk management procedures with Lumiform's Internal Control Software App.

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AcelorMittal
E.G.O
Suez
Kraft Heinz
Carel
Engro
Eni
Ritter
Lumiform is trusted by leading companies
Key Benefits

Ensure the Effectiveness of Your Internal Control Processes

Safeguard Your Company's Assets

Safeguard Your Company's Assets

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.

Streamline Your Internal Control Processes

Streamline Your Internal Control Processes

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.

Embed Internal Control to Your Organization’s Structure

Embed Internal Control to Your Organization’s Structure

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.

Key Features

How to use Lumiform as an Internal Control Software App

Effectively safeguard your assets through Lumiform’s robust Internal Control Software

1. Set up forms in a snap
Select from over 12,000 ready-made inspection templates or create powerful custom forms in a flash.
2. Inspect with ease via app
Conduct inspections efficiently via the intuitive Lumiform inspection app. From wherever you are, online or offline.
3. Solve issues faster
Share observations and assign corrective actions directly to colleagues and track the entire troubleshooting process.
4. Share results and get valuable insights
Share your automatically generated inspection reports directly with all stakeholders while thoroughly analyzing all data.
1. Set up forms in a snap
Select from over 12,000 ready-made inspection templates or create powerful custom forms in a flash.
2. Inspect with ease via app
Conduct inspections efficiently via the intuitive Lumiform inspection app. From wherever you are, online or offline.
3. Solve issues faster
Share observations and assign corrective actions directly to colleagues and track the entire troubleshooting process.
4. Share results and get valuable insights
Share your automatically generated inspection reports directly with all stakeholders while thoroughly analyzing all data.
Chat and logs for actions

Work collaboratively on actions while logging operations.

Scheduler

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

Notifications

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

Text and photo comments

Add text comments and photos during an inspection.

If-then logics

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

Customize report

Customize your reports so they fit your needs exactly.

Automatic actions

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

External assignees

Involve external partners in action resolution at no extra cost.

APIs

Connect Lumiform via API to your existing systems.

20,000+ organizations chose Lumiform as their #1 Internal Control Software App
Rated 5/5 stars Capterra is the leading review platform for business software
“Still excited about the extensive template library with a lot of ready-made checklists, so we started right away with improving our inspection operations.”
Daniela P, Operations Manager
“Still excited about the extensive template library with a lot of ready-made checklists, so we started right away with improving our inspection operations.”
Daniela P,
Operations Manager
“Lumiform is so intuitive and easy to use. But the best is that it is very flexible. Also the communication with the staff is very good and the team supports you whenever needed.”
William D, Auditor
“Lumiform is so intuitive and easy to use. But the best is that it is very flexible. Also the communication with the staff is very good and the team supports you whenever needed.”
William D,
Auditor
“Great and intuitive App with which we decreased our documentation efforts and achieved operational excellence through standardized inspections.”
Christoper S, Quality Manager
“Great and intuitive App with which we decreased our documentation efforts and achieved operational excellence through standardized inspections.”
Christoper S,
Quality Manager
Get a head start with
ready-to-use templates
One Software for All Internal Controls and Risk Management Processes
We also offer paid plans with additional features, storage and support.

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.


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 the issues related to control deficiencies in an organization's accounting and operations systems. Internal control management software addresses the practical aspects of the Internal Control-Integrated Framework. It is a system that consists of policies and procedures that ensures:

  • 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 does not eliminate the risk of loss, but reduces it. Organizations come up against 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 creating the owners' financial statements to evaluate a company's operations, from employee activities to company processes.


Internal control systems do more than assess accounting records; they also discover inconsistencies between accounting records and the company's operations. An effective internal control management software is essential to all businesses, regardless of size, as it allows you to monitor your employees and protect sensitive customer data.



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Why Use Internal Control Software?


Every organization exists to accomplish specific objectives, but various risks can keep you from achieving them. Internal control management software mitigates these risks, giving the organization a better chance of achieving its goals.


Well-designed internal control documentation software is indispensable, as it can:


Help Achieve 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


An effective internal control software minimizes asset misuse, ensuring employees use company resources for their intended purposes. It also allows for greater efficiencies by making processes more transparent and guidelines better defined.


Improves Accountability


Internal controls are the responsibility of some specific members of your organization. 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, the company can save costs and avoid problems during a sale. Stakeholders will be more confident in your financials.


Cut-Back External Audit Fees


Internal control documentation software makes the external auditor's job easier and smoother, reducing the time and fees you need to pay. An organized internal control also makes revamping the program easier after an external audit.


Speed-Up the 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. Managing Provided by Client (PBC) requests and certifications will be easier if your company has an 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 serve 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 the concept of separation of duties, and include 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. Detective controls 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. This fact is the reason you must have detective controls in place. Corrective internal controls are controls needed after detective controls find a problem, improving upon previous shortcomings, and 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


What Are the Objectives of Internal Control?


You can assess the efficiency of an internal control systems based on whether it achieves these objectives:


  • Authorization - A person of authority approves transactions before they occur.
  • Completeness - Recording all transactions and ensuring there are no omissions in records.
  • Accuracy - Ensuring that all transaction records are accurate and recorded promptly.
  • Validity - Ensuring that all recorded transactions are lawful and authorized by the management.
  • Physical Safeguards & Security - Proper restrictions on access to physical assets and information systems.
  • Error-Handling - Reporting and correcting errors detected by preventive and detective controls.
  • Separation of Duties - Ensuring no single individual has complete control over the transaction and the recording function.


What Are the Limitations of Internal Control Systems?


Internal control systems have limitations regardless of their design, but implementing it ensures the achievement of the above-listed objectives. Some limitations innate to all internal control systems include:


  • The effectiveness of controls will depend upon the decisions made by a human under pressure.
  • Internal controls can fail due to misunderstanding of instructions. Errors may also be because computer information systems are complex.
  • High-level personnel may be in a position that allows them to override established policies and procedures for their gain.
  • Employees can circumvent control systems by colluding with one another. Individuals acting together can alter financial data or other critical information without control systems detecting them.


How Do You Ensure the Effectiveness of Internal Controls?


The effectiveness of an internal control system is dependent upon the following factors:


Senior Management Involvement


The commitment shown by senior management is crucial to the success of an internal control systems. The corporate's code of conduct must support internal control software.


Company-Wide Understanding of the Internal Controls


Everyone in the company must understand and promote the internal control system. Formal training and communication programs can help accomplish this.


Proper Communication


Cooperation, coordination, and proper communication among everyone involved is vital to the success of internal controls. Make sure to minimize communication issues for a successful internal control system.