Most businesses, no matter size or sector, are on a journey of continuous improvement when it comes to their internal control environment.
In our experience, the process of regulatory compliance and the building of effective internal controls will increase confidence in your business, in corporate reporting and improve overall governance. We believe a right-sized control framework, properly implemented should deliver a range of benefits across the business including:
- Demonstrably improved governance and risk management
- Agile and confident decision making
- Greater efficiency and effectiveness of key Business and IT Processes
- Increased insight into key business drivers and issue, driving more effective decision making
- Reduction in manual and time intensive activities
- Reduced risk of fraud
- Greater transparency and accountability across the business
Effective internal controls requires a combination of the right talent, processes and technology to design and implement. Internal controls need to be thoroughly tested to be sure they are fit for purpose.
Below are some common examples of where we can help you with Controls Testing Programme:
- Walkthroughs, test of design and test of effectiveness for processes
- Identification of control gaps and recommendation for remediation and enhancement opportunities
- Documentation of evidence for control operation
- Remediation support activities
Data analytics has reshaped traditional auditing, improving effectiveness and efficiency of compliance activities. Benefits of data analytics in controls include:
- Increased coverage of transactions in audit procedures (100% tested vs sampling-based testing)
- Enabling continuous controls monitoring when data and insights become accessible in real time
- Facilitates shared insights, transparency and ownership in the first, second and third lines of defence