How effective are your controls and processes…?
All organisations should have relevant processes and controls in place to create efficiencies and reduce the risk of fraud and error.
With nearly 20 years compliance and process improvements experience, we can provide independent resource to review specific processes and procedures. Whether it’s because you want to reduce the risk of fraud and errors, review whether current practice is in line with policy or introduce efficiencies, we can provide a service that suits your organisation. We can provide services on an ad-hoc basis or an annual service reviewing a number of processes over a 12 month period. We present all our findings in a detailed report with key recommendations. You benefit from having immediate access to compliance staff without committing to a permanent head – don’t pay for idle time !
We can implement new processes and controls for new start ups or growing businesses that are fit for purpose and an excellent base from which the company can grow. We can also review existing processes and controls to identify and implement improvements. We can identify and eliminate tasks that add little or no value and introduce key controls that are relevant to your business that are appropriate for the size of your organisation.
How we can add value…
Examples of processes include…
Examples of process improvements we have implemented include…
– implemented revenue recognition processes and training. Reviewed sales contract terms and conditions to align with revenue recognition best practice, implemented procedures to ensure timely revenue recognition in line with GAAP based on when performance obligations are met and provided company wide training on revenue recognition to the sales and finance teams.
– review of GRNI (goods received not invoiced) accruals process to improve timliness of matching to purchase invoices, eliminate surplus to requirements/duplicate open accruals and the resolution of aged items.
– implemented monthly balance sheet reconciliations with resoluton of aged reconciling balances. Introduction of peer reviews and tracking of unreconciled accounts with actions required.
– review of T&E spend to monitor policy application and reduce costs of hotel and taxi expenses. Recommended policy changes to reduce policy abuse. Introduce manager dashboards on employee T&E data to monitor spend on a timely basis.
– review of fixed asset UEL (useful economic lives) and depreciation rates. Correct differences in UEL of assets where inappropriate and align depreciations rates between UK GAAP and US GAAP where differences should not arise.
– review of operating leases for dilapidation provisions. Identified leases that gave rise to the need for dilapidation provisions where no provisions were recorded. Review of UK and US GAAP provisions and findings presented to management.
– implemented supplier statement reconciliations. Unreconciled accounts payable balances with aged items resolved by performing supplier statement reconciliations and implementing procedures for regular supplier statement reconciliations for key material suppliers.