A leading supplier of brass and bronze ignot, this scrap metal company was experiencing increased sales volume. As a proactive measure, they engaged Skoda Minotti to examine, evaluate and provide recommendations on improving their accounting department internal controls in light of the recent change in their business.
Sent forensic examiners to meet with the executive management to outline the scope of the specifically customized engagement.
Gained an understanding of the department employees work practices and procedures and then interviewed the company executive, controller and all accounting clerks.
Skoda Minotti produced a report containing 63 recommendations that would enhance the company’s existing internal controls. The company president called the report, “eye opening.”
Many of the recommendations presented have been implemented, resulting in greater company security of liquid assets, fixed assets, accounts receivable, inventory and investments.
Internal control deficiencies have been improved and new policies and procedures have been adapted. Executive management has now been provided with a “peace of mind” that the company has taken proactive steps to minimize any potential future risk of internal employee misappropriation