Now the decision is in your hands. You decide whether you want just compliance or value added services from us. You tell us now and we will make it right for you. Our consultants are all ears for your requirements. What are internal controls and how do we help you? well, read on to find out now.
Definition : Internal Control is a process, effected by a company's board of directors and management, designed to provide reasonable assurance regarding the achievement of the company objectives, safeguarding assets and interests of shareholders. (Taken from the COSO Definition)
3 main objectives of Internal Controls in any company are:
a) Efficient and effective operations
b) Accurate and reliable financial reporting
c) Compliance with applicable laws and regulations
What is COSO:
In 1992, COSO issued a landmark report entitled Internal Control -Integrated Framework, which provides a sound basis for establishing internal control systems and determining their effectiveness.
(COSO is adopted worldwide & the Institute of Internal Auditors Malaysia and is considered best practice)
For more info on COSO, click here:
Audit Methodolgy to test effectiveness of IC : We will incorporate the following COSO components into our audit methodology/process to assess your company's adequacy and effectiveness of internal controls :
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Control Environment
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Risk Assessment
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Control Activities
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Information & Communication
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Monitoring
Thus at the end of all our audits, you will be able to summarise and gauge your company your internal control levels.
Our Approach : Business process focused - A systematic and proven approach, we will understand/review overall operations of the company and drill down to critical business processes/operations for detailed audit work i.e. Stock, Production, Purchases, Marketing etc. We will incorporate COSO criteria into our audit work and assist management in conducting proper risk assessment.
Objectives driven and risk based - Our audit work will be continually targeted at high risk areas and important business objectives of each business process.