A Pragmatic Internal Control Approach & Assessment

– Training – Management and Support

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» Assistance to the implementation of the internal control system

» Assessment of the implemented internal control system

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» Assessment of the implemented risk management process

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Assistance to the implementation of the internal control system

Internal control is a process effected by an entity’s board of directors, management and other personnel designed to provide reasonable assurance regarding the achievement of objectives in the following categories, namely :

  • Effectiveness and efficiency of operations
  • Reliability of financial reporting
  • Compliance with applicable laws and regulations.

Some of the key points coming out of this definition are first, internal control begins with a strong control environment. Internal control is applicable to all business processes. And lastly, internal control should be built “into” and not “onto” the various business processes.

Internal control consists of five interrelated components:

  • Control environment
  • Risk assessment
  • Control activities
  • Information & communication
  • Monitoring.
Each business is responsible for putting in place an internal control system which is suitable to and in line with its activities.

We can help you implement internal control by applying the “COSO” framework, developed by “The Committee of Sponsoring Organizations of the Treadway Commission” in the States.

The scheme applied is drawn as follows: