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Overview

Our Internal Control Compliance team’s goal is to help your organization put in place and maintain a strong and leverageable internal control program. Internal controls are an integral part of the entire cycle of planning, budgeting, management, accounting and auditing. As such, we take time to understand how your organization works, identify the challenges you face, and work with you to determine a solution based on your unique needs. We uncover areas of concern that keep you from growing and create a custom solution – there is no “one size fits all” solution when determining the best control structure for your environment.

Our team works intimately with yours to better understand your organization and pinpoint your distinctive internal control structure.

  • Publicly Traded Companies – We work to develop and evaluate your systems of internal controls to verify they are working properly and serving the needs of your organization. This will support compliance with Sarbanes-Oxley and other applicable compliance requirements. For more information on conducting an internal audit of your organization, click here.
  • Private Companies – Internal controls are important for all organizations, including private companies. Whether the goal of the internal control structure is to comply with various regulations applicable to your industry or to safeguard your assets, we can help design a control structure to support your needs.

Our services are not only focused on whether your company is public or private, we can also provide a variety of industry-specific services to better assist you in remaining compliant.

  • Financial Institutions – We can help you address your financial institution’s regulatory compliance requirements involving your internal controls. We can provide compliance audits, compliance assistance and mentoring as well as specialty projects to help support your compliance with various regulations. For more on how we can serve your financial institution, click here.
  • Public Sector – Our team helps you establish appropriate internal controls to focus on the fiduciary responsibilities of local government entities and ensure the effectiveness and efficiency of operations, reliability of financial reporting and compliance with applicable laws and regulation. For more information on how we can serve your public sector, click here.
  • Health Care – We help your organization successfully navigate the ever-changing regulatory and operating environments of providers, suppliers and medical practitioners. For more information on how we can serve your health care organization, click here.

The Brown Smith Wallace Internal Control Compliance team can also provide consultation on the recently updated COSO 2013 framework. This framework is typically used by publicly traded companies to assist in the evaluation of internal control over financial reporting, but all companies are able to leverage COSO for their organization’s internal control framework.

Ultimately, our Internal Control Compliance team works with your team to ensure your organization is running effectively and efficiently while maintaining compliance with all applicable laws and regulations. For more information on how we can help your organization, call us today to schedule a meeting.

Experience

Testimonials

  • Brown Smith Wallace assisted the Archdiocese of St. Louis with an internal audit assessment of guidelines and controls related to electronic financial transactions at parishes made through shared accounting. Their team identified gaps in existing internal control guidelines and made recommendations to improve controls related to electronic transactions, including invoice transmission and processing, electronic check signatures, electronic bank statement reviews, online payments and electronic document retention. The final reported demonstrated a thorough understanding of our organization and its processes. Ultimately, the project resulted in recommendations that make sense based on how we operate and should help tighten controls in the long run once implemented. The knowledge and insight from the Brown Smith Wallace team was valuable, and we are appreciative of their expertise and the final report we received.

    Archdiocese of St. Louis

    Katie Feise, Internal Audit

  • I worked with Brown Smith Wallace on several internal audit projects. I found them to be very knowledgeable of health care operations and understood how the work they completed was integrated into and enhanced our internal controls. One internal audit area of great help was the analysis and development of controls related to data access and its meaningful use implications.

    BJC Health Care
    Mary Riggs, Manager

  • The City of Moberly requested Brown Smith Wallace conduct an analysis of the city’s water and sewer billings and collections. The objective was to ensure billings and collections, as reported by the city, were reasonable and controls were in place, adequate and operating effectively to ensure the accuracy and proper reporting of future water and sewer revenues. Their team performed detailed data analytic procedures on water and sewer billing records between over two years. The results included recommendations to improve our procedures and internal controls over water and sewer billings and collections. Their analysis identified several potential data anomalies. Due to the nature of the utility billing process, these anomalies need to be further researched to determine if billing inaccuracies exist. A significant initiative being led by city management is underway to correct the various items identified during this assessment and other related projects. We are grateful for the work Brown Smith Wallace has done and continues to do for the City of Moberly.

    City of Moberly

    Mary West, Director of Utilities

  • Brown Smith Wallace performed a fraud risk assessment for the City of St. Charles Parks and Recreation Department to identify potential occupational fraud risks within the financial and accounting processes, evaluate existing internal controls, and recommend the implementation of controls and processes designed to properly address those risks. As a result of that risk assessment, the firm identified opportunities to improve our internal controls and recommended ways to better prevent fraud in the future.

    City of St. Charles Parks & Recreation Department

    Maralee Britton, Director of Parks and Recreation

  • Brown Smith Wallace provides us with detail-oriented, user friendly service as our outsourced internal audit provider. They’ve been very helpful in enhancing our controls with their internal control and operational recommendations. We have made particularly good use of their sampling resources and they have provided us with very helpful, independent support to our SOX compliance efforts. I am very impressed with the depth of their insurance industry knowledge, and I find them very approachable and easy to work with. They have demonstrated great flexibility in our dynamic environment.

    Independence Holding Company
    Paul Janerico, Vice President, Internal Audit

  • As part of our strategic planning process and ongoing efforts to improve efficiency, effectiveness and service, St. Louis Public Library requested that Brown Smith Wallace assist with the implementation of a series of improvements to the Library’s core business services. Brown Smith Wallace assisted the Library with process improvement implementation and provided additional recommendations in investment policy, general internal controls, revenue process, ERP system, organizational structure and our accounts payable process. Their team continues to be a valued resource for us as we seek to improve how we operate and serve the public.

    St. Louis Public Library

    Justin Struttmann, Chief Operating Officer

  • Brown Smith Wallace has assisted St. Louis Public Schools by providing internal audit and other consulting services since 2016. To date, they have completed audits of student transportation, student activity accounts, purchasing and food service. These audits have provided the school district with key guidance to improve our internal controls, recommendations to strengthen controls over contractor compliance and monitoring, and the opportunity to potentially generate savings in the future.

    St. Louis Public Schools

    Ernest Clark, Director of Audit and Compliance

Thought Leadership

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