Internal Controls Assessment & Implementation
Do you find that controls either do not exist in some areas, or there are excessive controls in some other areas. Do you feel that the level of controls established is not in line with risks. There is a need for internal controls assessment.
BlueRidge can help your company in implementing the right level of controls required to address the identified risks. We help organizations to build internal controls framework aligned with COSO framework. We help in rationalization of controls, suggest key controls, automate existing manual controls. Our three tier approach to controls assessments starts with entity level controls, then with the process level controls and evaluating the transaction level controls.
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Clause 49 Controls Assessment & Implementation
Clause 49 of the listing agreement with SEBI requires the CEO and CFO certification on internal controls. Although there is no regulatory requirement, for companies to adopt any controls framework at present, companies generally follow established internal controls framework like COSO.
We assist companies in developing a controls framework aligned with COSO controls framework. We also assist companies in implementing these controls, testing them on a continuous basis, updating them as required, evaluating the existing manual controls and automating them, etc
SoX controls testing
Over the years companies have spent a large amount of time and resources in SoX compliance activities. Companies are at different levels of maturity in their SoX compliance efforts. SoX 404 requires management to document and assess internal controls over financial reporting, and to assert the effectiveness of these internal controls.
We assist organizations in many ways to be SoX compliant and to effectively balance compliance efforts with cost of compliance. We undertake the following
- SoX compliance Readiness assessment
- Documentation of risk and controls aligned with COSO / other relevant framework the company wants to adopt
- SoX controls testing and documentation for 404 and 302 compliance - Design and operating effectiveness tests
- Controls Rationalization
- Automation of key controls
- Developing framework for integration of SoX controls with internal audit/ operational audit
- Training on SoX compliance
SSAE 16 Readiness Assessment
If you are a Service Organization, how often have you wondered about Statement on Standards for Attestation Engagements (SSAE)No.16. This is the reporting of controls specific to Service Organizations and is the replacement of the erstwhile SAS 70 standard for reporting on service organizations.
At BlueRidge, we help service organizations understand the implications of this standard and how it helps them in positioning their service standards in the light of their client’s requirement on Internal Controls over Financial Reporting (ICFR). We also assist service organizations in getting ready to be assessed under the SSAE16 standard.
Internal Audit Quality Assessment
Organizations having an in-house internal audit function would like to know if they have the right size, right competencies and skill sets, qualifications and also whether the frequency, coverage of the audit is commensurate with the nature and size of the business. In US, it is mandatory to perform internal audit quality assessment every 5 years, by an independent third party auditor.
If you have an inhouse internal audit function and if you want to evaluate the structure, competency, functionining of the IA function, then it is advisable that you get the IA function audited, famously known as – ‘Auditing the auditors’. This will enable your internal audit team to excel
Risk and Controls Framework Development
Understanding the risks both at the entity level and at a process / function level and identifying, assessing and testing controls relevant to mitigate those risks is a continous journey in an organization. A framework helps the risk management / internal audit teams to structure their tests in an efficient and effective manner.
We help in developing the Risk and Controls matrix for organization of small, mid and large size, either single location or multi location entities.
Controls Transformation
Business models undergo change, technology supporting the business undergoes change, products undergo change, processes and people change, but quite often we discover that although the entire spectrum of business process has undergone change, controls have not kept pace with changes and the entity still continues to have the same set of controls that existed right from inception
There is no delegation of authority defined, checks and balances are mostly manual and intuitive, controls are people dependent and parallel systems of manual controls and automated controls exist. If these are some of the issues that you notice in your organization it is the right time to think of controls transformation
Controls transformation helps you to relook at the operational, compliance, financial controls and reassess the applicability of controls in the present business scenario. This may result in controls rationalization, automation of manual controls, evaluating the key controls that are critical to the success of business
To understand how BlueRidge can assist your enterprise please contact :
Giridhar – Giridhar@blueridge.co.in