Risk & Control Mitigation

Risk & Control Mitigation

Your business faces risk every day, whether financial, strategic, or operational. The best way to mitigate risk is with an organized plan. Shilts CPA helps you identify risks, design, and implement a tailored mitigation plan, and ensure compliance to safeguard your investment.


Strategic Planning

Strategic planning is so much more than just a tool to obtain financing. At Shilts CPA, PLLC, we can help ensure your plans and ideas become actionable. By adequately preparing a strategic plan, you can have clarity in your company's direction, ensuring that your key leaders are all "on the same page" and keep management and staff focused on the tasks.

Strategic planning is helpful when:

  • Starting a new venture, product, or service
  • Expanding a current organization, product, or service
  • Buying a new business, product, or service
  • Turning around a declining business
  • It can provide a blueprint describing your company, its products, the competitive environment, management team, financial health, and business risks.

Internal Controls

Sometimes, you need a trained outside professional to help evaluate your company's operations to determine if the appropriate controls are in place. We complete control assessments to evaluate the effectiveness of your procedures and then make recommendations that help your company become more profitable, efficient, and effective. Shilts CPA can help you with both preventative and detective internal controls.

Preventative control key activities include:

  • Segregation of Duties divides responsibilities among multiple employees, thus minimizing the risk of errors or fraudulent actions.
  • Authorization and Approvals require that a transaction be authorized and approved by a specific person(s) other than the transaction's requester.
  • Verification, Reconciliation, Reviews, and Documentation require that policies and procedures be in place and accessible to employees and that the appropriate training regarding compliance, financial, or operational controls be provided.
  • Physical Security requires that cash, equipment, inventory, and checks be physically secured.

Detective control key activities include

  • Reconciliation ensures that records are routinely reviewed and reconciled.
  • Internal Audit
  • Internal Review