Insights

Are Your Internal Controls Working?

Are Your Internal Controls Working?


Sep 28, 2016
Financial Institutions

Recently I was visiting an amusement park with my kids. The newest roller coaster had a line that was nearly two hours long. We were each given a numbered ticket upon entering the line. The amusement park had implemented a control to ensure there were no line jumpers. I loved it—even an amusement park was using internal controls! We wound our way through the line for nearly two hours until we got to the last portion where we climbed the stairs to board the coaster. There stood an amusement park worker collecting tickets. I quickly made sure each of my kids had their ticket. We each handed our ticket to the employee before entering the last leg of the line. The employee collected the tickets but did not even look at them. I could have handed him the receipt from lunch, and he would not have known the difference. The amusement park had implemented controls, but how well were they working if the person charged with enforcing them was not following the procedures?

We implement controls, but if we do not test them, how do we know they are working? Testing controls is as important as implementing them. To learn more about how Wipfli can help you ensure your internal controls are meeting your needs, contact your Wipfli Relationship Executive, or send an email to WipfliFiPractice@wipfli.com.

 

Comments

Write a Comment

* = required fields

(will not be published)

(will not be published)

Bank On Wipfli

Subscribe to Bank on Wipfli


Submit