Many organisations depend on third party service providers for a range of critical services and support including hosting or managing financial and non-financial information, providing critical business functions and delivering on major infrastructure initiatives.
You can stay competitive by using multiple customer and vendor relationships and accessing specialised solutions and skills. However, this advantage offers challenges around protecting your reputational, financial, operational and compliance requirements as your dependence on third parties increases.
Your management, board and shareholders demand confidence in the controls and compliance capabilities of suppliers, vendors and service organisations. They expect that you have the processes in place to effectively oversee third party arrangements.
Globalization and technology are today’s core business drivers, with the potential to send unprecedented risks cascading across your enterprise – or propel you toward unprecedented opportunity. By unlocking these risks you turn them into a catalyst for growth, stepping ahead of uncertainty.
Diagnostics of the internal control system
- diagnostics of control procedures in business processes and information systems, including evaluation of design effectiveness and sufficiency of control procedures for goal achievement;
- risk analysis, risk mapping, risk matrices and controls;
- analysis and assessment of corporate policies, procedures, regulations and business processes description relevance;
- checking the Segregation of Duties and Restricted Access controls in business processes and information systems;
- internal benchmarking, comparative analysis of business processes and controls of other organization departments;
- external benchmarking- comparative analysis of business processes and controls of industry counterparts and in the best world practices.
Diagnostics allows to create a clear picture of current business processes state and internal control system and provides directions for further optimisation.
Implementation of internal controls
- description of actual business processes and internal control system, creation of control procedure matrixes;
- establishing robust controls over financial reporting to prevent fraud and ensure accuracy;
- implementing measures to verify Segregation of Duties and access controls to prevent unauthorized actions;
- regularly assessing risks and updating control procedures to align with changing business environments.
Effective implementation of internal controls (especially under SOX requirements) ensures rigorous oversight of financial reporting, safeguarding against fraud, maintaining accuracy, and adapting to evolving business landscapes through continuous evaluation and auditing.
An effective internal control system (ICS) allows to improve organization’s performance. It provides reasonable confidence in the reliability of financial and operational information, compliance with regulatory requirements, improves control over the assets of the organization (including reducing the likelihood of fraud). In fulfilling these tasks, ICS simplifies corporate governance, increases investor confidence and reduces costs, including external audit.
We are ready to assist you in the creation of an effective system of internal control that corresponds to the model of corporate governance, helps to reduce or prevent risks and achieve goals.
Internal Audit
Addressing enterprise risk while enabling business performance.
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Trust Solutions
Your risk perspective and strategy can impact the balance between eluding failure and seizing competitive opportunities.
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Cyber Security
Balance security, privacy and opportunity to move boldly forward.
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