Internal Controls
Most fraud in small and mid-sized organizations happens because one person controls too much. We assess your processes and design practical controls that reduce risk without slowing the business down.
How Nelson & Associates handles Internal Controls
Strong internal controls protect cash, inventory and data, make financial statements reliable and give owners and boards confidence. Using the COSO framework as a guide, we review how transactions are authorized, recorded and reconciled, identify gaps such as missing segregation of duties, and recommend fixes sized for your organization.
Small organizations can't always separate every duty, so we focus on compensating controls such as owner review of bank statements, approval workflows in your accounting system and periodic surprise checks. Our forensic background means we design controls around how fraud actually happens.
Who this is for
- Growing businesses adding staff and locations
- Owners who are less involved in daily finances
- Nonprofits accountable to boards and donors
- Companies preparing for an audit or sale
- Organizations that have experienced fraud
- Foreign parents overseeing U.S. subsidiaries
Everything covered in our Internal Controls service
- Process walkthroughs for cash, payroll, purchasing and sales
- Segregation of duties analysis
- Fraud risk assessment
- Accounting system permissions review
- Written policies and procedures
- Approval and reconciliation workflows
- Testing of key controls
- Board or owner summary of risks and priorities
The paperwork behind Internal Controls
| Risk and control matrix | Risks mapped to controls and owners |
|---|---|
| Segregation of duties chart | Who can authorize, record and hold assets |
| Policies and procedures manual | Written rules for finance processes |
| Control testing results | Evidence that controls are working |
| Management letter | Prioritized recommendations |
What we’ll need from you
Have these ready and your first meeting goes faster. Missing something? We’ll help you find it.
- Organizational chart and job responsibilities
- Accounting system user list and permissions
- Current policies and procedures
- Bank account signers and payment approval limits
- Prior audit findings or incidents
How it works, step by step
Understand
We walk through how money and information flow.
Assess
We identify risks and gaps, ranked by impact.
Design
We recommend practical controls and help implement them.
Test
We confirm the controls are working and refine them.
Why clients choose us for Internal Controls
Fraud & forensic training
Our founder holds a Master of Accounting with a minor in fraud forensics.
Courtroom experience
Expert witness and consultant in federal cases involving fraud and tax evasion.
Independent and objective
Findings grounded in evidence and professional standards.
Clear communication
Complex financial findings explained in plain language for owners, boards and juries.
Internal Controls across the United States
From our Doral office we provide Internal Controls to clients in all 50 states and Washington, D.C. Hover over a state to see its tax profile and the cities we serve; tap it to open the state page.
Services clients often pair with this
Forensic Accounting
Investigation of fraud, embezzlement, money laundering and financial misconduct, with findings that stand up in court.
Learn more Audit, Forensic & LitigationAudits, Reviews & Compilations
Independent financial statement audits, reviews and compilations for lenders, investors, boards, grantors and government agencies.
Learn more Business Accounting & AdvisoryPart-Time CFO Services
Senior financial leadership on a part-time basis: budgets, forecasts, KPIs, lender relationships and strategic decisions.
Learn more Business Accounting & AdvisoryNon-Profit Organizations
Accounting, audits, Form 990 returns and tax-exemption applications for charities, foundations, churches and associations.
Learn moreMore in Audit, Forensic & Litigation
Internal Controls FAQs
5 answers to the questions clients ask most. Don’t see yours? Ask us directly.
We're a small business. Do we need formal controls?
Yes, sized appropriately. Small businesses are frequent fraud victims precisely because one trusted person handles everything. Simple controls go a long way.
What is segregation of duties?
Separating the ability to authorize transactions, record them and handle the related assets, so no one person can commit and conceal an error or fraud.
Will controls slow us down?
Good controls are built into your existing systems, such as approval workflows and automatic reconciliations, so they add little friction.
Can you test controls periodically?
Yes. Many clients have us perform periodic reviews or surprise counts.
Do you offer Internal Controls outside Florida?
Yes. Our office is in Doral, Florida, and we work with clients across the United States and abroad through secure uploads, phone and video meetings and e-signatures. South Florida clients are welcome to meet with us in person.
Talk to a CPA about Internal Controls.
Your initial consultation is free. Call us, email us or visit our Doral office, and we’ll tell you exactly what you need and what it will cost.