Internal controls effectiveness

What EY internal control system can do for you

In today’s business climate, companies can benefit from a strong internal control environment, providing them with:

• A solid foundation to support growth
• Improvements with regards to their efficiency and effectiveness of operations and reporting
• Safeguard of company assets
• Protection from fraud
• Compliance with laws and regulations

Companies with a strong internal control system tend to be more adept at identifying and mitigating the risks that can undermine achieving their business goals. To help you build your confidence in your internal controls, we can offer an effectiveness review of your internal controls environment, specifically focused on private companies.

Our internal controls effectiveness review is designed to assess financial statement controls and certain operational controls in five key processes:

• Order-to-cash
• Purchase-to-pay
• Payroll
• Inventory
• Property, plant and equipment

We can provide an overview of the effectiveness of these controls including:

• Reporting controls that are not designed effectively
• Gaps in the existing control framework
• Recommendations to improve existing controls

The internal audit controls effectiveness review starts by analyzing the maturity of your overall control framework before reviewing the detailed processes. We can map your risks with the existing suite of controls in your organization and then compare those controls against our library of leading practices.

We can use our knowledge of your business and our experience from similar organizations to offer a list of recommendations, providing a report that can highlight the key areas of improvement to your control processes.