Well-Check

Well-Check is designed to assess an organization's governance, risk management and compliance practices with a specific focus on assessing the processes and internal controls intended to safeguard assets, properly account for revenues and expenses, and ensure strong governance is in place.

Well Check

Well-Check involves interviews of personnel, review of documentation and observation of business practices. Accounting activities and reporting processes are evaluated as they relate to the accurate capture and reporting of key financial and performance information. The objective of the review is to provide actionable observations and recommendations intended to enhance the organization's processes and internal control. Specific procedures include:

  • Interview key personnel to gain an understanding of key activities and responsibilities
  • Review and document both the collection ( means of receiving and safeguarding funds received) and deposit practices
  • Review and document the disbursement practices (e.g., checks, ACH)
  • Assess the authorities and responsibilities assigned to each staff member
  • Evaluate positions for proper segregation of sensitive functions and accountability
  • Review the functionality of the accounting system and appropriateness of user assigned access privileges
  • Review policies and practices with respect to governance matters, including but not limited to the following:
    - Delegation of authority
    - Capital allocation
    - Expense reimbursement
    - Personal use of the assets
    - Bidding protocols
    - Financial oversight and monitoring

The deliverable of the review is a report for the internal use of the organization. The report includes a description of the procedures performed, observations noted and recommendations resulting from the review that Schneider Downs believes will strengthen the organization's internal control environment.

case studies

 
big problem:
Ransomware attack halted a global manufacturer's operations.
big thinking:
Recover and secure the system – fast – save $1 million in ransom.
 
big problem:
High tax burden for family-owned franchisor.
big thinking:
Comprehensive planning for a 15% tax reduction.

our thoughts on

Top Risks to Keep On Your Radar for 2020

We live in a disruptive world where the risks companies face are constantly evolving. Risks not on your radar today could easily be brought to light within

read more >

SOC 2 Examinations - Keys to Success

“What do you need for a SOC 2 Audit?” Prior to starting a SOC 2 examination, clients often ask us what they can do to ensure an efficient audit

read more >

Crypto-Secured Lending

An exciting advancement in the cryptocurrency industry will allow consumers to leverage their crypto holdings as collateral for formal currency loans.

read more >

The Wolf, the Goat and the Kid: An Unexpected Tale of Invoice Redirection Fraud

In the 1668 La Fontaine fable "The Wolf, the Goat, and the Kid", a mother goat leaves home in search of food, warning her daughter about the

read more >

The Privacy of Consumer Banking Data and the Financial Data Exchange

As cyber threats and global regulations continue to intensify, the privacy and protection of consumer banking data remains a high priority of the financial

read more >

Have a question? Ask us!

We’d love to hear from you. Drop us a note, and we’ll respond to you as quickly as possible.

Ask us

contact us

Map of Pittsburgh Office
Pittsburgh

One PPG Place, Suite 1700
Pittsburgh, PA 15222

contactsd@schneiderdowns.com
p:412.261.3644     f:412.261.4876

Map of Columbus Office
Columbus

65 East State Street, Suite 2000
Columbus, OH 43215

contactsd@schneiderdowns.com
p:614.621.4060     f:614.621.4062

Map of Washington Office
Washington, D.C.

1660 International Drive, Suite 600
McLean, VA 22102