Internal and operational controls are the basis of the financial integrity of a Club.
Internal Controls are the policies and procedures management uses to achieve the following:
• Safeguarding Club assets
• Ensuring reliability and integrity of financial information
• Ensuring compliance with applicable laws and regulations
• Promoting efficient and effective operations
• Monitoring the achievement of goals and objectives
We can help you design a framework for your Clubs internal control system. A well designed internal control framework includes:
• A sound control environment
• An assessment of risks
• Monitoring and reviewing the control system
• Communication of responsibilities and expectations
• Preventative and Detective control activities
Operational controls are the controls that oversee and monitor how business processes that have been implemented are being executed. These controls allow for day to day monitoring of the execution of the processes and allow management to identify and take corrective action when required.
We can help you design your Club’s operational controls and set in place a system of monitoring those controls.