Continuous auditing is fairly straightforward: Audit performs auditing activities on a frequent repeated basis to provide ongoing assurance and more timely insight into risk and control issues. Continuous monitoring is also straightforward: It is essentially a process that falls under management's responsibility, in which key business process transactions and controls are constantly assessed and validated. This permits ongoing insight into the effectiveness of controls and th
Simply put, Risk Management is about: Understanding all the possible things that might happen. Estimating the consequences of those events and situations, how they might affect our ability to achieve our objectives, and the likelihood of those effects. Determining whether those consequences are acceptable or desirable. Taking action to modify, as best we can, the consequences and/or their likelihood. What we do for you...
- Implement segregation of duties to reduce risk of
One of the most useful systems to streamline your business is having a Standard Operating Procedures (SOP) manual. This manual lists the all the tasks that are essential for your business success, how to do these tasks, and who is responsible for the tasks listed. The SOP makes it easy to find out what policies and procedures are in place to handle repetitive situations/tasks. SOP's are what you believe to be the most efficient, most effective way to do that operation. SOP's
The back office accounting review starts with a comprehensive review of the IT technology systems used by your back office, general ledger system, PMS, POS, time system, and payroll processing. We provide recommendations for cloud based applications and lower cost solutions commonly used by other hotels. The inspection continues with an analysis of monthly close procedures, such as the booking of adjusting journal entries (AJE), financial statement preparation and reporting
One of the leading reasons that hospitality companies experience high levels of fraud is that the industry's culture tends to focus much more on providing better customer service than on the internal financial controls that go into running a hotel. Superior customer service equals higher profits! The hotel general manager spends more of his or her time meeting and greeting guests than monitoring the operational details of the hotel. Technology is wonderful, but provides the