Internal Control Over Financial Reporting

Scope of Work

• The client was involved in issuing multiple sets of financial statements on two different accounting frameworks. The ICFR agenda was implemented a few years ago, however the management was not confident that all key risks / gaps were identified and addressed.
• We were on boarded and our scope was to cover the key risks and gaps within the processes within the organization mainly pertaining to finance payments and clearance.

Outcome

• Through deploying the FOCUSED approach, the team employed various data analytical tools to re-analyze the scoping model. The work helped to identify multiple areas which were not considered in the previous ICFR exercises. This identification not only helped to enhance finance department oversight on those processes but also helped management to fix numerous gaps which could result in material errors in overall financial reporting.

Value added

• Enhanced the current risk registers present within the organization ensuring all key risk parameters are covered.
• Testing on the controls in place and ensuring operational effectiveness within the organization.
• Providing key recommendation on the various gaps within the finance and key departments within the organization.