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Recently, the requirements imposed on companies by shareholders, executive management, regulatory bodies and other stakeholders have significantly risen and continue to rise. As a result, more and more companies view the establishment of an internal control system as a top priority, which assists in enabling the company to attain its objectives.
An internal control system provides several advantages for organizations, which collectively have the ability to increase shareholder value. Some of these advantages include:
- Better managerial decisions based on accurate and reliable financial and management information
- Assures the interests of the company’s shareholders and the security of their investments
- Improved stakeholder perception
- Greater management of risk
- Implementation of robust, approved procedures
Internal control is a process carried out by the board of directors, management and personnel of the company, which is designed to provide reasonable assurance that the following objectives are achieved:
- Operational and financial efficiency
- Reliability of financial reporting
- Regulatory compliance
Our experience in implementing internal control system improvement projects has seen our experts perform work across a range of industry sectors including leading Russian companies within the metallurgy, oil and gas, telecommunication and other industries.
Internal control system improvement projects involve our consultants assisting companies to identify and assess risks related to the accuracy of their financial statements and the security of their assets. Based upon these risks they make an assessment as to the adequacy of the internal control procedures designed and perform checks on whether these procedures are appropriately implemented. Upon completion of these assessments our consultants develop documentation that clearly describes the processes, risks and controls identified, and any recommendations for internal control improvements based upon leading practices.
In conducting these projects we place emphasis on control efficiency and continually search for ways that the internal control system can be further rationalized in order to achieve reduced costs for the organization. We apply a “top-down” approach to our engagements to ensure that the key risks of the company are addressed. Our proprietary risk and control database which is based upon best practice allows our consultants to focus on only those controls that cover the key risks of the company, resulting in a more efficient control environment for the company.
Our internal control experts also play an important role in business process optimization projects, ensuring that these newly designed processes contain the appropriate internal controls, thus, providing a complete business process design.