Corporate governance is of paramount importance for any company which wants to run its business with the best effectiveness and efficiency. It refers to the structures and processes for the direction and control of the company.
At SINGA, we think that a reliable corporate governance should help the company to operate more efficicently and transparently, mitigate risks and prevent from mismanagement
Internal Control System (ICS)
Internal Control is the company’s central repository for all internal policies and procedures, the Internal Control System (ICS) is the procedure with which the management:
- - Ensures the reliability and integrity of financial information
Internal controls ensure that management has accurate, timely and complete information, including accounting records, in order to plan, monitor and report business operations.
- - Ensures compliance
Internal controls help to ensure the company is in compliance with the Swiss and International Laws and Regulations affecting the operations of your business.
- - Promotes efficient and effective operations
Internal controls provide an environment in which managers and staff can maximize the efficiency and effectiveness of their operations.
- - Safeguards company assets
Well designed internal controls protect assets from accidental losses or losses from fraud.
- - Ensures and monitors the accomplishment of goals and objectives
The Internal Controls System provides a mechanism for management to monitor the achievement of operational goals and objectives.
Thanks to a strong knowledge of the business we are able to enhance your Internal Control System by reviewing the processes with the subject matter experts, to detect related risks and available controls.
We have helped our customers to document the processes in place based on the COSO and CObIT frameworks.
We have cooperated with different functions such as Accounting, Treasury, Sales and Purchases, Marketing, Operations… and have supported their processes within internal and external financial audits. To do so, we have documented the main and sub-processes, identified and document the risks incorporating their likelihood and impact, asserted the controls in place, recommended the implementation of new controls or process enhancements.
We have as well tested the efficiency of the controls in place and captured controls performance evidences and finally we have delivered the Risk and Control Matrix to the client’s Auditors (members of the Big Four). We have been the interface between client’s Auditors and Management in relation to the ICS.
In order to improve our efficiency in relation to this function and to provide the best service in this field we have developed our own ICS application which can drive us in an efficient manner through the discovery process, documentation and compliance phases and which provides a solid asset to the financial auditors in understanding the rigor and efficiency of the Internal Control System in place.
For us, Internal Control System is far more a continuous improvement system than a compliance necessity
Financial and IT Audit
Risk Governance and Policy