Evaluating and improving internal control systems ("internal audit")

Internal control systems are very important for a company’s management because of the need to provide reasonable guarantees that the companys goals will be achieved. With regard to the financial function, such goals include the following:

  • financial and business operations efficiency
  • financial stability
  • timeliness, validity and reliability of financial and managerial reporting
  • assets and information security
  • compliance with legislation
  • compliance with internal procedures and regulations

FBK evaluates your companys internal control system based on an integrated analysis of its individual elements:

  • presence of control environment
  • organization of information flows
  • control procedures employed
  • risk identification and management
  • impact on financial reporting

These elements are analysed in the context and through the assessment of the main operational areas of the companys activities (sales, procurement, production, finance management, investments etc.).

This analysis focuses on identifying any absent key control elements, estimating the probability and significance of emerging risks, and developing compensatory control procedures.

The main tools used in this analysis are a description of the relevant business processes and the development of instructions for their operation, an analysis of regulatory documents, interviews with the companys personnel, observation and piloting of the processes and control procedures.


For more information on accounting advisory services please contact:

Valeria Polyakova, FBK Consulting Partner
e-mail: PolyakovaV@fbk.ru

Elena Tyutyunnikova, director of the accounting advisory department
e-mail: TyutyunnikovaE@fbk.ru

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