Implementing and Reevaluating Internal Controls
Internal controls are the first line of defense against fraud in any organisation. Out team of experienced staff work with clients to design and implement efficient and effective internal controls with the objective of achieving sound corporate governance and substantially mitigating fraud risk. Organisations are also required to constantly reevaluate and test their control environments. The imperative of this exercise is to mitigate the threat of new fraud schemes that emerge from time to time and ensure that changes in organizational dynamics do not engender vulnerability to fraud. Specifically, a reevaluation of controls is necessary in the event of the following:
- Expansion of business operations/activities.
- Business restructuring and employee layoffs.
- Mergers and acquisitions, including expansion overseas.
- Implementation of new systems.
- Operational realignments/ outsourcing of operations to third parties.
We implement, reevaluate and test internal control systems for adequacy and effectiveness, following which we advise clients on the most effective controls to checkmate nascent fraud schemes and reduce inherent vulnerabilities taking cognizance of the latest global trends and developments in fraud prevention and control.