The Committee of Sponsoring Organizations of the Treadway Commission (COSO) defines internal control as follows:
"Internal control is broadly defined as a process, effected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories:
- Effectiveness and efficiency of operations
- Reliability of financial reporting
- Compliance with applicable laws and regulations"
What Internal Control Can Do
Internal control can help an entity achieve its performance and profitability targets, and prevent loss of resources. It can help ensure reliable financial reporting. And it can help ensure that the enterprise complies with laws and regulations, avoiding damage to its reputation and other consequences. In sum, it can help an entity get to where it wants to go, and avoid pitfalls and surprises along the way.
What Makes Us Market Leaders
It is our belief that internal control must differ from one entity to another since people, who are the major player of any internal control system, and organizational cultures differ. Thus, the DNA of an entity is its internal control systems. It is impossible to have two identical internal control systems in two different entities. Management is always responsible to establishing, implement and maintain adequate internal control systems. However, as change happens every day in any entity’s operations, management is responsible for keeping up with trends both within their organizations and in relation to global best practices.
Based on the internal control principles of the COSO, the relevant literature of the business schools of Harvard, Princeton, and other reputable research centers in the USA, we developed our own toolkits to address each aspect of the internal control systems of any entity; for-profit; non-profit and government. In addition, we integrated the information theory and information technology in our approach.
Internal Control
We use a principle-based, risk-based, and a process-based approach and we deliver our consulting services in accordance to the following categories:
- Evaluate and assess the design and operation of internal control systems
- Design Internal control systems
- Oversea the implementation of internal control systems
- Maintain (audit) the internal control systems
