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Assessment of Risk

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Assessment of Risk Including Internal Controls

As part of our audit process, we assess the risk of material misstatement in the financial statements. This assessment includes gaining an understanding of the organization and its environment. A significant part of the process is the understanding of the internal control structure. An internal controls review is an important pro-active service Tait Weller provides its audit clients. Strong internal controls are critical to managing any organization and essential to sound financial reporting. We assess the functional areas in your organization and identify your potential exposure to operational and financial risks. Our audit process, our findings, and our recommendations for risk mitigation are outlined in a comprehensive report.

For regulated investment companies, Sarbanes-Oxley contains a number of sections specifically related to internal controls. Section 302 mandates quarterly certification of disclosure controls and procedures. Furthermore, section 404 requires management to assert on an annual basis that the internal controls over financial reporting are effective, and requires the independent auditor to attest to management’s assertion. 

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