Risk Assessment
Burke Consulting provides the following services to assist a privately held company in identifying and assessing its risks of material misstatement in its financial statements: helping a client understand and document its control environment and framework, identifying and documenting existing controls that relate to the assessed risks, and designing and developing new controls that would be necessary to mitigate significant risks to reliable financial reporting.
Benefits
- Increased availability of accurate financial reporting to stakeholders, including shareholders, creditors, capital providers, regulators and parties with which a company has direct contractual relationships.
- Effective internal control over financial reporting, thereby supporting reliable financial reporting. This, in turn, enhances investor confidence in providing the requisite capital.
- Reliable and timely information supporting management’s decision-making on such matters as product pricing, capital investment, and resource deployment.
- Consistent mechanisms for processing transactions across an organization, thus enhancing the speed at which transactions are initiated and settled, the reliability of related record keeping, and the ongoing integrity of data.
- Ability and confidence to communicate accurate business performance with stakeholders and customers.
Examples of Engagements
- Risk identification and mitigation recommendations.
- Assistance in management reviews of financial statement reliability.
- Assessments of internal control environments and frameworks in preparation for an initial public offering of securities.
- Documentation of internal control frameworks.
- Development of more timely and accurate financial reporting processes.