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.