Reviews & SOX/ICS Audits

Services

IT infrastructures and processes are becoming ever more complex. It is therefore increasingly difficult for businesses to maintain control over their:

• Processes
• Project developments and
• Integrated ERP systems.

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 ICS 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.

This gives rise to the following questions:

• Are the operational and organisational structure and the support from the ERP system mutually beneficial?
• What organisational and system changes have been made and are these justified?
• What are the typical waiting times and kinks that, in practice, prevent optimal order processing?

1. ERP efficiency check

• Using our Microsoft Dynamics NAV knowledge and business management experience and on the basis of interviews and empirical data, we analyse your order processing system in order to identify areas with potential for action.
• After our analysis, we recommend measures and activities to optimise your NAV system as well as your organisation of procedures and roles.

2. ICS/SOX audit

• Initial setup, expansion, updating of control definitions and documentation, if desired
• Support in cooperation with auditing firms or internal auditing
• Preparation also based on internal group standards or international GAAP
• Audit activities as a representative of the internal units, e.g. for auditing companies

3. Project audit

• Quality assurance of an organisation or IT project
• Identification of deviations from project plans and project goals
• Identification of deviations from planned:
  • Project methodology
  • Project governance and
  • Laws and standards to be observed
• Development of measures to reduce or prevent deviations
• Coaching of project members for independent project controlling

• Interviews with key users and managers and an analysis of order processes in Microsoft Dynamics NAV to identify weaknesses
• System-based comparison of the target process and statistically verifiable processes
• Derivation and ranking of areas with potential for action
• Creation of a list of actions and a corresponding road map

• Shorter lead times allow you to respond more quickly to customer requirements
• The prevention of unproductive process kinks increases the efficiency of the processes and reduces process costs
• Increased process quality by avoiding organisational and system change
• Increased employee and customer satisfaction
• ERP system investment protection

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.