Service
Internal Control Set-up & Training
Internal controls protect assets and reduce the risk of fraud. They also make financial reports reliable. We design control frameworks, write company and accounting procedural manuals, and train your staff to apply them.
Overview
Internal controls protect assets and reduce the risk of fraud. They also make financial reports reliable. We design control frameworks, write company and accounting procedural manuals, and train your staff to apply them.
Our Understanding of Your Needs
In many growing organisations, procedures exist only in the heads of a few long-serving staff. When those staff leave or are absent, errors and losses follow. Auditors and lenders then report the same weaknesses each year. A written procedural manual, approved by the board and supported by training, solves this problem.
A manual is useful only if staff follow it. For this reason, we write manuals around your actual systems and forms, and we train the staff who will use them.
Scope of Service
Assessment of the control environment against the COSO Internal Control – Integrated Framework (2013)
Risk and control matrices for key business processes
Company procedural manual covering administration, human resources, procurement, operations, stores and IT
Accounting procedural manual covering chart of accounts, revenue and receivables, purchases and payables, cash and bank, payroll, fixed assets, inventory, month-end close and reporting
Delegation of authority and approval limits
Segregation of duties analysis
Fraud risk management and whistle-blowing policies
Establishment of internal audit functions and outsourced internal audit
Training workshops for finance and operations staff
Post-implementation reviews
Our Methodology
We build controls in six steps. The final step tests whether the controls work in practice.
- 1
Diagnostic
- Interviews and walkthroughs of key processes
- Review of prior audit management letters
Output to you: Control gap report
- 2
Risk assessment
- Identification of risks in each process
- Design of preventive and detective controls
Output to you: Risk and control matrix
- 3
Design and documentation
- Drafting of the company and accounting procedural manuals
- Forms, flowcharts and approval matrices
Output to you: Draft manuals
- 4
Validation
- Workshops with process owners
- Approval by management and the board
Output to you: Approved manuals
- 5
Training and rollout
- Role-based training for each department
- Quick-reference guides and assessments
Output to you: Trained staff; training attendance and assessment records
- 6
Post-implementation review
- Testing of key controls three to six months after rollout
- Update of manuals where gaps are found
Output to you: Review report and updated manuals
Deliverables
01
Control gap report
02
Risk and control matrix
03
Board-approved company procedural manual
04
Board-approved accounting procedural manual
05
Delegation of authority schedule
06
Training materials, attendance records and assessment results
07
Post-implementation review report
How We Add Value
Our partners have trained more than 300 professionals in management accounting, internal control, taxation and investigation. Training uses your own forms and systems, so staff can apply it the next day.
As auditors, we know which control weaknesses appear most often in management letters. We design manuals to close those gaps, and the post-implementation review confirms that the controls operate as designed.
Applicable Standards and Regulations
- COSO Internal Control – Integrated Framework (2013)
- COSO Enterprise Risk Management Framework (2017)
- Institute of Internal Auditors Global Internal Audit Standards
- Nigerian Code of Corporate Governance 2018
Frequently Asked Questions
For a mid-sized company, the full process, from diagnostic to training, usually takes eight to twelve weeks. It depends on the number of processes and locations.
Speak With a Partner
Request a control review or a quotation for a procedural manual.