Kinetic CPA Group, LLC's Logo

Kinetic CPA Group, LLC

Full Service Outsourced Finance Solutions for Government Contractors and Industry

Call us at (703) 625-2111

Full Service Outsourced Finance Solutions for Government Contractors and Industry

(703) 625-2111

Internal Controls and Audits

Policies & Procedures

Policies and procedures are an essential component of any organization as they provide the framework for consistent and efficient processes. They reinforce the tone at the top and clarify the standards and expectations of employees, which enhances the quality of your organization's products and services.

When policies and procedures are in place and being adhered to, issues are less likely to occur. This reduces liability risks for your organization and limits interruptions in operations. When practices deviate from policy, it usually means one of two things

1. Your organization needs to better communicate policy and procedures with your staff and enforce compliance; or

2. Your policy and procedures are outdated or incomplete.

  • Employees can't follow procedures that don't exist, contradict other policies, or fail to address a significant shift in technology or practice. Organizational leadership must regularly review and revise policies and procedures, taking new regulations, standards and technology changes into account.
  • Our team of experienced professionals can help you establish and implement a system of policies as well as processes that are appropriate for your organization to ensure your framework is in place.

Sarbanes-Oxley (SOX) Compliance

Security and Exchange Commission rules require that "the assessment of a company's internal control over financial reporting must be based on procedures sufficient both to evaluate its design and to test its operating effectiveness." In order to obtain reasonable assurance regarding the operating effectiveness of controls, key controls must be tested to validate their effectiveness.

How can we help? You can choose among the following options:

1. We provide you with experienced SOX auditors and testers to help support your internal audit team in performing walkthroughs and key controls

2. We act as your outsourced Governance, Risk and Compliance (GRC) Team if you do not have sound internal audit capacities to comply with all the SOX We will do the following:

  • Evaluate your control environment and all its components.
  • Perform walkthroughs.
  • Develop test plans to validate the operating effectiveness of key controls for each process.
  • Complete test procedures in accordance with the test plan to identify, analyze and document sufficient information to demonstrate the achievement of the test objectives
  • Document test procedures and maintain evidential matter to provide reasonable support for management's assessment of the effectiveness of the company's internal control over financial reporting
  • Identify and evaluate control deficiencies and remediation.
  • Year-end follow-up and roll-forward testing.

Internal Audit

Achieving reliable financial reports and regulatory compliance...navigating risks...streamlining operations...promoting stakeholder confidence. The benefits of a high-quality internal audit are limitless.

Whether you're looking to establish an internal audit function, attain or maintain compliance with Sarbanes-Oxley Section 404 (SOX 404) or government contracts, mitigate your risk of fraud, or gain an overall assessment of your internal controls, you can count on Kinetic CPA Group, LLC for reliable and timely business solutions.

Risk Assessment

We assess your internal control systems to determine the efficiency and effectiveness of your operating procedures. Then we make recommendations that help your company become stronger and more profitable by correcting any inefficient or ineffective operating procedures we find.

What we do for you...

  • Implement segregation of duties so that duties are divided, or segregated, among different people to reduce risk of error or inappropriate actions. No one person has control over all aspects of any financial transaction.
  • Make sure transactions are authorized by a person delegated approval authority when the transactions are consistent with policy and funds are available
  • Ensure records are routinely reviewed and reconciled, by someone other than the preparer or transaction originator, to determine that transactions have been properly processed
  • Make certain that equipment, inventories, cash and other property are secured physically, counted periodically, and compared with item descriptions shown on control records.
  • Provide employees with appropriate training and guidance to ensure they have the knowledge necessary to carry out their job duties, are provided with an appropriate level of direction and supervision...and are aware of the proper channels for reporting suspected improprieties.
  • Document policies and procedures and making them accessible to employees. The documented policies and procedures provide day-to-day guidance to your staff and continuation of duties in the event of prolonged employee absences or turnover.
  • Review operations to ascertain whether results are consistent with established objectives and goals and whether the operations are being carried out as planned.