In the wake of continuous newsworthy corporate failures, accounting scandals and a regulatory landscape requiring Boards to ensure that financial and non- financial risks are being effectively managed the importance of having an effective control environment has never been more important.
In the UK, the Government is due to publish a white paper following the recent Brydon Report that envisages the introduction of a US Sarbanes-Oxley (SOX) like regulation in the UK to establish a framework for Internal controls over financial reporting (ICFR) for public listed companies and, most likely, public interest entities. In addition, it is envisaged that there will be a requirement to publish an Audit and Assurance policy, to be approved by shareholders, that details how all risks – financial and non-financial - are being managed. For both the ICFR and Audit and Assurance policy the board will need to obtain assurance that the controls are designed and operating effectively to manage these risks.
At Protiviti, we believe that an effective, well designed and scaleable control framework will help organisations to improve process performance, increase management reliability over reporting (internal and external) and be compliant with regulatory requirements. It will help to manage their risks to an appropriate level, provide greater certainty over financial and operational outcomes, and reduce the overall cost associated with control.
Our solutions are tailored to provide value to our clients. We assist organisations across a full spectrum of internal controls programmes from “year one” builds, ongoing controls monitoring and testing, transforming or enhancing existing control programmes, and lifting and shifting the entire controls monitoring and testing to our controls excellence centres to minimise the ‘cost of assurance’. We also assist clients in optimising and automating their control programmes with the use of analytics and robotic process automation.
Our solutions are designed to suit a wide range of client scenarios depending on their size, geographical spread, risk and control maturity and regulatory requirements.