Financial Controls

Internal controls assessment, compliance tracking, fraud risk analysis, and audit readiness

Controls Score
Audit Readiness
42
Controls Assessed
34
Controls Effective
5
Need Improvement
3
Critical Gaps
Controls Assessment by Category
Segregation of Duties85/100
Strong separation between authorization, custody, and recording
Authorization Controls80/100
Approval thresholds and delegation matrix in place
Physical Controls65/100
Asset tracking needs improvement, inventory counts irregular
Reconciliation88/100
Monthly reconciliations completed on time consistently
IT Controls52/100
Access reviews overdue, no MFA on financial systems
Documentation70/100
60% of policies documented, retention schedule incomplete
Compliance Tracker
RequirementCategoryFrequencyLast CompletedNext DueStatus
Bank ReconciliationFinancialMonthlyFeb 5, 2026Mar 5, 2026Current
Sales Tax FilingTaxMonthlyJan 20, 2026Feb 20, 2026Current
Payroll Tax DepositsTaxSemi-WeeklyFeb 10, 2026Feb 14, 2026Current
Quarterly Tax EstimatesTaxQuarterlyJan 15, 2026Apr 15, 2026Current
Access Rights ReviewITQuarterlyOct 15, 2025Jan 15, 2026Overdue
Insurance Policy ReviewOperationalAnnualJun 1, 2025Jun 1, 2026Current
Physical Inventory CountAssetQuarterlyNov 30, 2025Feb 28, 2026Due Soon
Password RotationIT90 DaysNov 1, 2025Feb 1, 2026Overdue
Vendor W-9 CollectionTaxAnnualJan 10, 2026Jan 31, 2027Current
Business License RenewalLegalAnnualAug 15, 2025Aug 15, 2026Current
Fraud Risk Assessment
High Risk Areas3
  • Expense reimbursements (no receipt threshold)
  • Vendor payment modifications (single approver)
  • IT system access (shared admin credentials)
Medium Risk Areas4
  • Customer refund processing
  • Inventory adjustments
  • Manual journal entries
  • Petty cash management
Audit Readiness - Gap Analysis
Controls Status Overview
Policy Recommendations
Implement MFACritical

Enable multi-factor authentication on all financial systems. Reduces unauthorized access risk by 99%.

Dual Approval for PaymentsCritical

Require two authorized approvers for vendor payments over $5,000.

Expense Receipt PolicyImportant

Require receipts for all expenses over $25. Implement automated receipt scanning.

Quarterly Access ReviewsImportant

Schedule quarterly review of all system access rights. Remove terminated employee access immediately.

Document Retention PolicySuggested

Formalize document retention schedule. 7 years for financial records, 4 years for tax docs.

Whistleblower HotlineSuggested

Establish anonymous reporting channel for potential fraud or policy violations.

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