Internal Control

Internal Control and COSO Framework:

Internal control comprises a set of procedures and measures ensuring the effectiveness and efficiency of operations within an organization. Its aim is to safeguard resources and ensure the achievement of objectives efficiently.

COSO Framework:

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework guides organizations in designing and assessing internal control systems. It consists of five fundamental components.

1. Control Environment:

Defines the organizational culture and operational environment, influencing how controls are understood and implemented.

2. Risk Assessment:

Focuses on identifying and evaluating potential risks to ensure the organization is prepared to address them.

3. Control Activities:

Finance transformation often involves significant organizational change. In insight, we offer expertise in change management, training, and communication strategies that can support your business in successfully navigating these transitions.

4. Information and Communication:

Emphasizes the need to provide and use accurate and effective information to support decision-making processes.

5. Monitoring of Controls:

Relates to the ongoing assessment and monitoring of the overall performance of controls, updating them over time.

What Do We Offer In Insight for Building and Maintaining Internal Control:

1- Current State Assessment:

Conducting a comprehensive analysis of the current internal control to identify strengths and weaknesses.

2- Designing Control Systems:

Developing control plans and policies to ensure alignment with your needs and goal achievement.

3- Implementing Control Enhancements:

Offering support in implementing necessary improvements for the integration of internal control.

4- Staff Training:

Providing tailored training to understand and execute best practices in internal control.

5- Ongoing Monitoring and Evaluation:

Offering continuous services to monitor and evaluate the performance of control systems and introduce necessary improvements.