Dedication, transparency, and experience – three factors which our team of professionals are made of. We formulate a comprehensive report for companies listed on the Stock Exchange to monitor the status and practical application of the internal control system. Our objective is to gain knowledge on how companies are aiming to minimize the risks of errors, manipulation, collusion and fraudulent activities and present fair financial reports.
What is Internal Control Report?
According to the Committee of Sponsoring Organizations of the Treadway Commission (COSO), ‘Internal Control’ is broadly defined as:
Internal Control is a process, effected by an entity’s board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives relating to operations, reporting and compliance.
Xero - برنامج محاسبة
تعرف على المزيد حول Xero - برنامج محاسبة لعملك يوصلك بالبنك والمحاسب ومحاسب الحسابات وتطبيقات الأعمال الأخرى.
What are the Components of Internal Control Systems?
Control Environment:
o Demonstrates commitment to integrity and ethical values
o Exercises oversight responsibility
o Establishes structure, authority and responsibility
o Demonstrates commitment to competence
o Enforces accountability
Risk Assessment:
o Specifies suitable objectives
o Identifies and analyzes risk
o Assesses fraud risk
o Identifies and analyzes significant change
Control Activities:
o Selects and develops control activities
o Selects and develops general controls over technology
o Deploys through policies and procedures
Information & Communication:
o Uses relevant information
o Communicates internally
o Communicates externally
Monitoring Activities:
o Conducts ongoing and/or separate evaluations
o Evaluates and communicates deficiencies
Alkhuzam & Co. is authorized by the Capitals Markets Authority (CMA) in Kuwait & our team is qualified to internally examine your business.