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As Finance Director I was the person responsible for the implementation of internal controls but it is not my area of expertise. I didn't have the budget to hire a consultant either.
The Internal Controls Implementation Kit was key to guide us through the implementation. My team told me that DOCUMENTS WERE EASY TO CUSTOMIZE, EVEN WITHOUT AUDIT OR CONTROLS BACKGROUND.
- George T. (Finance Director)
I bought the Internal Control Implementation Kit when I joined a fast growing company and I had to build the Internal Control Function and implement controls. I SAVED LITERALLY MONTHS OF TIME by starting from the documents included in the kit.
I did some minor amendments to tailor them to our business, but 90% OF THE STUFF DIDN'T NEED ANY CHANGE!
- Jess Z. (Internal Control Manager)
I had to help the business to document their existing processes in advance of an upcoming audit. The Kit helped us to set up a strong set of documents which was just at the right level of detail. The procedures were clearly written, comprehensive and well structured.
I particularly liked the fact that, for some processes, there were two versions of the process you could choose from. So that I picked what was best suited for my company.
- Richard N. (Internal Control Specialist)
My team is responsible to perform independent testing over internal controls across different countries. The team grew from 2 to 6 people in a short period of time and it's dispersed over 4 different countries.
The documents have been extremely helpful to keep track of all the activities, to set up a common way to work and consistent performance indicators.
- Tami G. (Audit Manager)
CLEAR and CONCISE analysis of risks and controls
"We were looking to carry out a review of our financial control framework to ensure that it is robust yet flexible enough to support our fast-growing business. Our consultant was quick to gain an understanding of our business and provided a well thought out, carefully structured project plan which focused on key areas of risk.
The resulting report included a clear and concise analysis of risks and controls and specific recommendations on how those risks could be mitigated. We were impressed with the truly bespoke service and the practical recommendations which could be swiftly implemented to make significant improvements to the financial integrity of our business operations.”
- Jonathan Rees (Finance Director – Cat’s On The Roof Media Ltd)
"I found the training very USEFUL, PRACTICAL and HIGHLY TAILORED to my team. Cecilia provided a lot of example from her consulting experience which we found highly transferable to our company. We came out of the training with a list of ideas to improve the way we work."
Case Study: An Ineffective Internal Control Function
The company was struggling with how its Internal Control function was operating. It was more disruptive to the business than helpful. Every time the Internal Control team was carrying out an assessment of a specific process, it would come up with long, wordy and very technical reports detailing the ineffective controls found. Every report was full of "big issues" and "red flags" all over. The business felt overwhelmed and did not know where to start to address such issues. The Internal Control team would then move on to the next assessment. The business was left alone to "fix the problems". Inevitably the ineffective controls were carried over the years and never solved.
What we did:
- Restructure the Internal Control Assessment plan to carry out wider reviews to cover all the processes. This allowed the client to have a better overview of key risks across ALL processes instead of only ONE. It also allowed a better prioritization of risks.
- Established common criteria to rate the risk level of the Internal Control deficiencies found. This allowed the company to focus on real high-risk issues first.
- Report formats restyling to make them clear, concise and user-friendly.
- Reworked Internal Control function working plan to include time to support and guide business owners in remediating ineffective controls.
- More effective and efficient Risk Management.
- Faster resolution of internal control deficiencies.
- Smoother audits and decreased amount of audit findings by internal and external auditors.
- Improved ROI of the investments in Risk Management.
"So many RELEVANT TAKEAWAYS! I keep pen and paper next to me while I listen, so that I can note them down"
- Kim S. (Internal Control Manager, Singapore)
"The first time I listened to the podcast I had a MAJOR BREAKTHROUGH."
- Tanya R. (Head of Risks and Controls, USA)