Internal Controls in Risk Management and CDG Grant
Having an internal controls review will help management to assess the adequacy of the internal controls, test the effectiveness of these controls as well as to recommend practical solutions to improve the control environment and wherever possible, improve efficiencies and to enjoy potential cost savings.
Stage 1: Identify Risks
At this stage, we aim to understand and identify the key risks that the management faces and the corresponding controls to mitigate such risks through a high level risk discussion process by conducting interviews with key management and process owners.
Stage 2: Internal Controls Review Planning
Before starting the review fieldwork, we will hold discussions with key business process owners and management to identify the main sub-processes and significant risks within each area scope. This ensures that the review program we develop can effectively address the critical operational areas and facilitates an efficient and effective review. Other matters such as the scheduling of timelines and meetings as well as preliminary document required will also be formalized during the planning stage.
Stage 3: Executing Fieldwork
Any issues arising during the course of our fieldwork reviews will be continually communicated and discussed with the relevant process owners.
Upon completing the field work, we will conduct an exit discussion to discuss and finalise on the findings identified through our scope of work, agree on the suitability of our recommendations and finally obtain commitment to the management action plan and time lines for issue resolution.
Stage 4: Reporting
Our final deliverables to you will be an internal control review report highlighting the control weaknesses identified, the associated risks, our recommendations and management’s comments and action plans to address our findings (if any).
Stage 5: Follow Up Review (if required)
It is essential that the recommendations are implemented by the agreed timelines. We will perform a follow up review to assess if management have adequately implemented the recommendations to our key findings.
Capability Development Grant (CDG) by Spring Singapore
The Capability Development Grant (CDG) aims to support SMEs to scale up business capabilities and ensure business sustainability. You can take on projects in areas like product development, human capital development, business processes enhancements for productivity and business model transformation. The grant defrays up to 70 percent* of qualifying project costs such as consultancy, training, certification and equipment costs.
All projects seeking SPRING-Singapore’s subsidies or grants are to be carried out by SPRING’s recognized and Certified Management Consultant as of 1 Jan 2017.
We have partnered with Venture Capital Business Advisory (1 of only 10 ranked EXPERT Singapore Certified Management Consultant by TUV SuD) so as to allow your Company to leverage on such subsidies and grants to enhance and further grow your Company. Visit https://vcbizadvice.com/helping-smes-grow/ to get a more comprehensive understanding of all the services that we are able to provide.