Financial diagnostic of an owner-managed manufacturer
Records kept in password-protected spreadsheets.
Context
Records kept in password-protected spreadsheets.
Scope
Eight months of sales and treasury records.
Approach
Diagnose before designing; documented findings register.
Outcome
19 control failures documented and a material unreconciled cash gap identified; 19-sheet accrual-based replacement system designed.
Skills applied
Internal controls · System design
How this kind of work is done
- Review authorities, roles and segregation of duties.
- Identify the key risks and the controls that address each one.
- Write or update policies, approval matrices and risk registers.
- Agree a review cycle with the board or audit committee.
What a similar business can take from it
The same approach applies to companies facing a comparable question: start from the decision the numbers must support, make the records reliable, and keep the result simple enough for management to use every month.
19 control failures documented and a material unreconciled cash gap identified; 19-sheet accrual-based replacement system designed.
Facing a similar challenge?
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