Wednesday, 15 July 2009
From the desk of Dr. Anne-Katrin Straesser
More and more countries are bringing regulations into force that require the documentation and assessment of a company’s internal control system.
Often, there is a range of activities to be undertaken in order to comply with the new regulations, but it does not have to be difficult. And it can also bring the company loads of benefits and competitive edge if addressed correctly.
However, there are a few things to be considered to avoid spending vast amounts of money that do not bring any return.
Based on the experience of implementing, optimising and auditing several companies’ internal control systems, such as the US SOX, this book reveals the methods to a successful and cost effective implementation and maintenance of an internal control system.
This book explains the methods Big4 firms use when implementing an internal control system and also the ways in which you can cut down on auditing and consulting fees and improve your entire organisation!
“The 7 Secrets to Highly Profitable Internal Control Systems” gives you step-by-step information about how you can implement the whole system while using minimal resources.
It shows you how you can utilise what is readily available in the company and how to leverage it in order to self-assess your internal control system. In a 5-step Proven Success Formula you learn exactly what you need to implement an Internal Control System from scratch, from focussing on the important issues over forming the optimum project team to writing a self-assessment report and communicate to external auditors:
Step 1: Plan and Scope for Success
Step 2: Analyse and Leverage Existing Control Environment
Step 3: Remediate
Step 4: Conduct Self-Assessment
Step 5: Ensure Continuous Improvement
The book contains loads of hands-on material, like checklists for all significant processes.
It reveals best practices from several years experience in the work of internal control systems. It tells you what works and what doesn’t, where the big traps are and how to get around them and foremost: How to save costs and gain competitive edge.
The content includes:
· The Main Control Issues facing Companies
· Benefits and Obstacles of Internal Control Systems
· Common challenges and how to overcome them
· Explanations of the Five Control Elements of the COSO Framework
· How to carry out Risk Assessments and what needs to be considered
· How to Form a Strong and Powerful Project Team
· How to Identify Accounts, Processes and Locations to be considered in an ICS
· How much Time is needed for the Compliance Project
· How to Leverage Existing Process Documentation
· The Best way to Document Controls
· How to Perform a Walkthrough
· What to Identify in A Gap Analysis
· How to Add Value during Remediation
· How to Conduct the Self-Assessment
· How to Develop Test Plans
· Examples of Risk Matrix, Flow Chart, Narrative and Test Plan
· How to Test Manual and Automated Controls
· How to Test the Other Components of the COSO Framework (Control Environment, Risk Assessment, Information and Communication)
· What should Be Included in the Self-Assessment Report
· Ways to Improve the Level of Compliance Continuously
· How to Improve Existing Processes and Cut Costs
· How Culture and Integrity can Be Improved
· What Should Be Included in an Effective Anti-Fraud Program
· How to Form an Effective Audit Committee
· Risks and Control Objectives of the Main Processes (Financial Closing and Reporting, Treasury, Sales, Purchasing, HR and Payroll, Fixed Assets, Inventories)
· Risks and Control Objectives concerning Information Technology
The eBook is in pdf format and will be available for download in a few seconds after the purchase.
In contrast to the print version, the eBook comes with special bonuses, but only for a limited time.
Bonuses no. 1 to 5 have been developed for compliance projects, and would have a value of at least € 250,00 each, if an external consultant would have developed them for you. These bonuses alone would add up over € 1,250.00 worth in consulting fees.
Here are the bonuses that are only available for a limited period of time.
Bonus # 1 – Self-Assessment Checklist
Bonus # 2 – Test Plan Control Environment in Excel
Bonus # 3 – Test Plan Information & Communication in Excel
Bonus # 4 – Test Plan Monitoring in Excel
Bonus # 5 - Risk Assessment Template in Excel