Internal Control Measures Across Organisation

Our internal control experts review the controls, protocols, and procedures which are currently in place in your organization and how they are being followed to perform the day-to-day activities. Our team then has discussions with your employees and documents your objectives, components, principles, risks, controls, etc to ensure that we have a total understanding of your business and develop a proper internal control to satisfy your needs.

At MentorisCorp we help our clients save time and money on expensive consulting services by providing well-drafted essential internal controls. We also provide complete tailor-made packages to meet your goals so that you have the best package which is ready for use and can be presented to your management and external auditors.

This is achieved by:

• Providing real-time training on the controls concepts and explaining the need of the having these controls in place.
• Providing insight as to how your procedures could be improved to meet best practices prevalent in the industry.

Risk assessment is an important step that provides a foundation to establish internal controls. An effective internal control system can minimize the risks that may affect achievement of the business objectives. Proper risk assessment assists an organization in managing risks and taking suitable business decisions. The risk assessment procedure followed by our experts includes:

1. Inquiries with management and others within an organization.
2. Observation and inspection of procedures and processes.
3. Review of previous years audit report, management letters and board minutes.
4. Business process mapping and identification.

Internal control system improvement projects at MentorisCorp involve our expert consultants who identify and assess risks related to the accuracy of client’s financial statements and the security of their assets. Based on these risks they make an assessment of the internal control procedures and design necessary improvements in procedures and perform checks to ensure that these procedures are appropriately implemented. 

While developing these projects we place emphasis on control efficiency and continuous improvement.  We apply a “top-down” approach to our projects in order to ensure that the key risks of the company are accurately addressed. We provide recommendations for internal control improvements based upon the best practices which are prevalent in the industry and provide our client with thorough implementation assistance. Upon completion of these assessments our consultants develop documentation of the improved process that clearly describes the processes procedures, risks and controls identified.

Ineffective internal controls lead to material weaknesses and restatements.  MentorisCorp’s internal control designs provide comprehensive remediation plans that restore confidence in financial reporting. Our accounting experts value the practice of good governance and an effective controlled work environment. We identify the root cause of the deficiencies in the existing control design and suggest improvements related to the processes in order to establish a sustained control environment.

MentorisCorp helps its clients implement remediation solutions by providing:

• Process design and redesign
• Root cause analysis
• Remediation plan development
• Training
• Control documentation

Every organisation understands the value of building an effective control and reporting systems that are focused on addressing compliance and risks rather than just complying with regulations.  This is a proactive approach, but companies struggle to create optimal control environments that balance cost with risk. 

At MentorisCorp we believe that re-engineering the current controls is the fundamental rethinking and radical redesign of business processes to achieve dramatic improvements in performance measures such as cost, quality and service.

MentorisCorp’s process re-engineering and implementation include:

• Acceleration of business operations
• End-to-end process improvement
• Reconciliation improvement
• Policy and procedure development

Our re-engineered controls help clients by:

• Minimising the loss of efficiency caused by adding controls to the reengineered process. 
• Checks, controls and reconciliations are reduced.
• Information technology is used extensively.

Internal controls separate the duties of employees, ensuring that one individual is not performing two or three related activities. For example, when an accountant does both tasks that are; one of receiving cash and the other of recording cash, he can commit fraud easily. When these responsibilities are properly segregated internal fraud and theft can be reduced greatly. Internal controls designed by MentorisCorp ensure that an organization has adequate segregation of duties thereby providing a proper system of checks and balances.

Internal controls help organisations to keep its financial and management information organized. Organized data helps to increase productivity. It enables your organisation to be prepared to produce documents for litigation or obtain information for compliance reviews or audits. 

MentorisCorp achieves this by using accounting/ software systems that password protected files and data to the organisations and by creating a system for filing client data and financial documents both on online or offline mode.

Auditing is the most widely used internal accounting control. We at MentorisCorp perform periodic financial audits to verify that actual balances match accounting balances. These differences are then analyzed and investigated and necessary changes are suggested to result in accurate financial reports.

We provide assistance to our clients before, during, and after your audit. With our expert negotiation skills, we help our clients in their various agreements; we also provide the necessary support to your auditors that lead to successful audits.

Our wide range of Internal Control services are smoothly integrated with your organisation, process, risks and controls.