In modern companies, the internal control system is an integral part of the corporate governance system and an important element that ensures business efficiency.
Services in the field of internal control and risk management are aimed at assisting clients in optimizing business processes by establishing a system of control over operational activities, increasing the transparency and reliability of financial reporting and supporting the process.
To assist in optimizing the internal control system, we offer the following services:
Our Diagnostics and Construction of the Financial Control System service is a practical support for the General and Financial Directors and is based on Russell Bedford RCG’s many years of successful experience in auditing and outsourcing for corporate clients.
We offer the service in two stages.
The first stage is a diagnosis of the existing Financial Control System; its result is a Report on Material Weaknesses and Deficiencies in the Financial Control System. The report will cover all aspects of accounting and financial control at the enterprise and will provide the Client with the opportunity to assess the adequacy of the existing Financial Control System. The second stage, at the Client’s request, is the construction or adjustment of accounting and financial control procedures and personnel; at this stage we will propose and implement changes agreed with the Client that will provide peace of mind for the owners for the preservation of the business and management – for its manageability.
If necessary, at the second stage we will provide services for the construction of accounting policies and accounting processes. At the client’s choice, individual accounting and financial control functions can be outsourced to increase the transparency and manageability of these functions, as well as to transfer part of the risks associated with compliance to the service provider. The result of the second stage is a reformed and more effective financial control system at the enterprise.
In the current mode, the Diagnostics and Construction of Financial Control service is useful for many enterprises, since any system of Internal Financial Control requires periodic monitoring and independent assessment by a professional auditor. In addition, typical situations for the use of the service are a change of owners, General and Financial Directors of the business, acquisition of large assets or enterprises, preparation for IPO and M&A.
In almost all of these cases, a “vacuum of trust” in the existing internal financial control system arises – and the accompanying need to support the accounting and financial service by involving independent experts. In general, this service is extremely practical and is aimed at substantive improvement of the internal financial control system at the enterprise.