Controls & Efficiencies Improvement

Introduction

Most companies do not rate internal controls as a priority during the early stages of their corporate development due to small scale and the close involvement of owners as managers. As their businesses grow in size and are established in more locations, the issue of effective internal controls will inevitably gets more management attention. As a business gets bigger and more complex, robust and efficient systems is a prerequisite for good internal controls. A review of your processes and controls can help you ensure that their design addresses your new needs and risks, and also ensures the efficiency and effectiveness of them. Indeed most leading countries' corporate governance codes now require boards of companies to annually review their controls and processes across financial, operational, and compliance areas to ensure that they are working adequately.
 

Process Review

To maintain competitiveness in an ever challenging economic environment, management often have to find ways to reduce costs and seek efficiency improvements in any way possible. We can facilitate such improvements by conducting reviews on key management and operational functions with the objective of identifying internal control weaknesses, as well as opportunities for cost reduction and efficiency improvements:
  • General Management Control 
  • Billings and Receivables 
  • Procurement and Payment 
  • Expenditure and Expenses 
  • Inventory Management 
  • Cash Management 
  • Human Resources
  • Financial & Management Reporting
  • Information Technology


Internal Control Policy & Procedure

To ensure that newly established internal controls continue to operate effectively, a proper POLICY & PROCEDURE MANUAL should be produced. Following a review of business process and operations, we can assist management to formulate relevant and effective internal controls, and produce a proper policy and procedure manual for continued reference and update.

Internal Audit Support

There may be instances when organizations find it more cost effective to seek external IA support. For example, some organizations may not have locally based internal audit staff and head office IA resource is either too expensive or pre-occupied with other workload. Also some organizations may not be complex or big enough to justify and a permanent function.

We can provide a flexible range of IA support to organizations by virtue of the combined resources in our external audit and business consultancy teams:
  • Conduct risk assessments and develop internal audit strategic plan.
  • Design audit programs and carry out internal audit reviews according to agreed audit cycles.
  • Perform audits on specific business processes e.g. accounts payable/receivable, payroll etc.
  • Provide staff to help an audit team to meet temporary increases in workload.

Need more Information? Contact

Andrew Ng 伍樹彬


Tel

+852 2572 7328

Fax

+852 2838 2239

E-Mail

andrewng@tcng-cpa.com