IT infrastructures and processes are becoming ever more complex. It is therefore increasingly difficult for businesses to maintain control over their:
With this in mind, it is useful for businesses to call in external assessors at various intervals to carry out reviews and audits and identify any irregularities or risks.
The implementation of an internal control system (ICS) for processes, for instance, allows you to define and conduct internal auditing procedures (at set intervals). It is used by the company for the prevention of damages and risks that could be caused by a company's own employees or by third parties.
Internal controls in respect of financial reporting have become increasingly important following implementation of the Sarbanes-Oxley Act (SOX) and are absolutely essential if a group company is to be traded on the American stock exchange.
Depending on the form and size of the business, internal control systems are even required by law in some cases; for example, external auditors audit the ICS as part of a risk-based audit approach employed by many companies. Therefore, effective ICS documentation helps to keep audit costs down, contributing to cost savings within the company as a whole.
An external consultant will report the results of audits objectively and is not susceptible to the unavoidable "organisational blindness" when analysing risks.
The initial professional setup as well as the expansion, maintenance and updating of the control definitions and documentation require the resources and energy of the finance department. This applies equally for compliance with the four-eyes principle and with the organisation and performing of regular ICS checks.
Many companies have grown used to an old, familiar ERP system that has become a little long in the tooth. They have had to both adapt themselves to the system and also have the system adapted for them.
To provide you with the best possible service, we have split "Reviews and audits" into three separate offerings:
Our consultants have worked in companies as heads of accounting departments and/or in auditing firms and have developed a wealth of experience on the basis of this.
Practical experience combined with operational advice leads to holistic support that goes above and beyond familiar, theoretical high-level consulting approaches.
You will benefit from our consultants' years of experience in various large projects at other companies in the same industry.
IT plays a very important role, particularly in the financial sector. It is here that our advisers benefit from very close contact with the COSMO CONSULT group's ERP consultants. Whereas any other external consultant would take time to come to grips with specialised knowledge, our associates will easily and promptly draw on their previous experience.
By working with you, we know that we can find the ideal concept to meet your specific requirements. Get in touch with us to discuss how COSMO CONSULT and our specific business consulting services such as Reviews & Audits can help you to get more output of your business.