EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Limited, each of which is a separate legal entity. Ernst & Young Limited is a Swiss company with registered seats in Switzerland providing services to clients in Switzerland.
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Startup Solution Store | Internal control system implementation
An Internal Control System (ICS) helps to minimize risks in operations and financial reporting. Startups need to carefully assess the level of controls needed in order to balance risk management and effort required.
Challenges for startups
The lack of an effective internal control system can lead to several challenges for startups, including increased risk of fraud, inaccurate financial reporting, loss of trust, inefficiencies and ineffectiveness, and difficulty in scaling. Startups should prioritize the development and maintenance of a strong internal control system to minimize these risks and ensure compliance with accounting and regulatory standards.
Three advantages
A solid ICS helps you to keep track of your expenditures and allows a solid financial reporting based on the needs of your investors and other stakeholders.
Tobias Meyer
Partner, Financial Accounting Advisory Services Leader and Head Transaction Accounting & IPO | EY Switzerland
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