Internal Controls Assessment & Design

Assessment and design of internal control frameworks aligned with the GAO Green Book and COSO to strengthen financial management, grants administration, and operational effectiveness.

Services Include:

  • Internal control assessments to evaluate the design and effectiveness of existing controls across key financial and operational areas

  • Segregation of duties reviews to identify conflicts, compensating controls, and risk exposure in staffing-constrained environments

  • Workflow and approval process analysis to assess how transactions are initiated, reviewed, approved, and documented

  • Internal control framework design aligned with the GAO Green Book and COSO, tailored to organizational size and complexity

  • Control remediation planning to address identified gaps with clear, practical corrective actions

  • Documentation and training support to help staff understand control responsibilities and support consistent execution

Why It Matters

Strong internal controls reduce the risk of fraud, waste, abuse, and mismanagement while supporting compliance with federal, state, and local requirements. Effective controls also strengthen financial integrity, improve operational efficiency, and build confidence among auditors, stakeholders, and leadership.

Our Approach

We apply a structured, risk-informed approach to internal controls—grounded in established frameworks and tailored to how organizations actually operate.

Evaluate – current processes and controls Identify – key risks and gaps Design – right-sized, sustainable controls Document – controls and workflows Support – implementation and training

Experience Highlights

Led legislatively mandated performance and compliance reviews of grant award processes covering approximately $1.4 trillion in state research funding and more than 2,000 grantees, identifying control gaps, governance weaknesses, and process improvements.

Developed and implemented internal control, compliance, and reporting processes for complex federal funding programs strengthening financial oversight, accountability, and operational consistency across large state public-sector organizations.

Conducted business process reviews and control redesign efforts that cleared multi-year backlogs related to federal grants oversight, resulting in improved control effectiveness and operational efficiency.

Strengthen Your Control Environment

Contact BFS to assess your internal controls and build a stronger, more resilient organization.

Contact BFS Strategic Partners
Skip to content