Business Graphics for Financial Controls

What do we mean when we talk about financial controls? Simply stated, financial controls are processes, or series of processes, used to prevent fraud and abuse in a business. They can be very simple, like accepting a payment, or very complex, like complying with federal tax regulations.

Having good financial controls is critical in helping your business:

• Minimize the opportunity for fraud
• Produce reliable information
• Comply with government regulations

How effectively you craft, describe, and implement your internal controls can have a huge effect on your company's balance sheet. This is where business graphics-especially certain types of flowcharts-can really help. Graphics help you see the big picture so that you can easily identify inefficiencies and optimize your controls.

As part of our ongoing series on graphics in business, we've prepared two free white papers along with free templates and examples on using business graphics to examine and strengthen internal controls:

THE BIG PICTURE & THE BOTTOM LINE Targeted to a general business audience.	GAIN CONTROL Written specifically for financial and accounting professionals.

In both white papers you'll learn:

• How to better understand your internal controls,
• How to use business graphics to better document your controls,
• How easy it is to update controls documented by business graphics

Download either (or both), The Big Picture & The Bottom Line and Gain Control white papers, for free.

Free Best Practice Templates & Examples

Both white papers contain over a dozen examples for best practice internal control flowcharts and diagrams. We've made all those examples, along with 3 new SmartTemplates™ available to you for free for a limited time. Click here to download your free templates.

Best Practices Beyond Finance

This bulletin is the second in our ongoing series on best practices in business graphics. The first covered how to use business graphics for process improvement. Did you miss it? Don't worry, you can still access all the information (including free templates and examples) at www.smartdraw.com/solutions/bulletins/index.htm

Other topics slated for later in the year include: Strategic and Operational Planning, Facilities Management, Information Technology, Sales, Marketing, Legal, Healthcare, Education, and more. So stay tuned!

Best Practices Beyond Finance

Learn More From Industry Thought Leaders

The following organizations offer a wealth of knowledge on the topic of internal financial controls. Visit their sites to learn more.

American Institute of Certified Public Accountants (AICPA)
The American Institute of Certified Public Accountants is the national, professional organization for all Certified Public Accountants. With approximately 330,000 members, its mission is to provide members with the resources, information, and leadership that enable them to provide valuable services in the highest professional manner to benefit the public as well as employers and clients.
www.aicpa.org

Committee of Sponsoring Organizations of the Treadway Commission (COSO)
COSO is a voluntary private sector organization dedicated to improving the quality of financial reporting through business ethics, effective internal controls and corporate governance.
www.coso.org

ISACA
In the three decades since its inception, ISACA has become a pace-setting global organization for information governance, control, security and audit professionals. Its information system auditing control standards are followed by practitioners worldwide.
www.isaca.org

ITGI
The IT Governance Institute (ITGI) was established in 1998 in recognition of the increasing criticality of information technology to enterprise success. In many organizations, success depends on the ability of IT to enable achievement of business goals.
www.itgi.org

The Institute of Internal Auditors
Established in 1941, The IIA serves about 93,000 members in internal auditing, governance and internal control, IT audit, education, and security from more than 100 countries. The world's leader in certification, education, research, and technological guidance for the profession, The Institute serves as the profession's watchdog and resource on significant auditing issues around the globe.
www.theiia.org