Enhance operational efficiency with an Effective Internal Control Assessment Report of your business

In order to maintain ongoing advancements, Central bank of UAE (CBUAE) has mandated companies to submit a Management Assessment Report. The management is required to evaluate the operational efficiency of these underlying controls and disclose the findings in the report. Ongoing examination and enhancement of process design and underlying controls are essential for companies to identify and address any emerging gaps. MBG’s team of experts supports its companies in examining and enhancing process design gaps to ensure risk is mitigated.

Further on, it is recommended that companies share and deliberate upon the Management Assessment Report and its discoveries with the pertinent Board committee

The CBUAE has issued a mandate to cover the following details/parameters within the Management Assessment Report:

• Executive summary;
• Documentation of the internal control framework
• Update on previous year's findings with reasons for unresolved issues and updated timelines; for resolved issues, update documentation with control owner sign-offs.
• Identification of new gaps in processes.
• Detailed control environment description.
• Presentation of controls at entity, department, or process levels
• Explanation of testing approach and methodology;
• Summary of identified risks;
• Progress update on IFRS 17 implementation, organizational changes, and adjustments to internal controls as per Central Bank Instructions.
• Description of the ongoing risk monitoring approach and corresponding control development.
• Results summary, including severity illustration of findings
• Corrective action plan with timelines.

MBG’s team of expert can support companies in developing and enhancing their Management Assessment Report. Our team of professionals create a concise risk and control matrix illustrating the implemented risk assessment and mitigation models, along with key findings from testing conducted on diverse controls.