One of the most critical flash points to deter and prevent fraud is an organization’s ability to establish and monitor critical internal controls over its accounting and financial functions. Nonprofit organizations often have limited resources – both financial and personnel – to establish effective internal controls. Vault can assist your organization in assessing its internal controls and provide recommendations to make improvements that will better safeguard your organization’s financial assets, and ultimately, its reputation.
While there is no bulletproof set of internal controls that can prevent fraud or bad actors at an organization, the control environment and a well-designed set of internal controls can go a long way to ensure that an organization’s financial assets are protected and that its financial reports are reliable. Additionally, outsourcing part of your organization’s financial process and internal control procedures to the Vault team provides a natural segregation of duties for your organization that can’t normally be achieved with a small accounting staff.