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Ensure the integrity of your financial, operational, compliance, and risk management procedures with Lumiform's Internal Control Software App.
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.
Effectively safeguard your assets through Lumiform’s robust Internal Control Software
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.
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:
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.
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:
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.
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.
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.
Internal control software provides C-level executives better control and visibility of company internal operations and processes.
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.
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.
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.
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 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:
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:
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:
You can assess the efficiency of an internal control systems based on whether it achieves these objectives:
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 an internal control system is dependent upon the following factors:
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.
Everyone in the company must understand and promote the internal control system. Formal training and communication programs can help accomplish this.
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.
