Approach

• Identifying financial reporting elements, critical processes, supporting systems
• Account-level materiality and chart of accounts analysis
• Prepare a project plan and Identify process owners
• Prepare the RCM(Risk Control Matrix) & draft process flowcharts
• Identify gaps and what could go wrong in existing processes
• Testing of control design effectiveness
• Discuss & understand the root cause for the design weakness
• Suggest remedial action for gaps identified, in line with leading practices

Benefits

• An accurate and fair reflection of transactions and dispositions of the assets of the company;
• Provides reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and
• Provides reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.