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home Risk and Operation Advisory Internal Control Services​

Internal Control Review

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Approach to Internal​ Control Review service​

Crowe's Internal Control Review Service provides in-depth support to clients in evaluating and reviewing the effectiveness of controls in specific processes/activities within the company. We apply a risk-based methodology, starting with the identification of operational objectives and the assessment of key risks. From there, we review the current controls, identify control weaknesses, and provide recommendations for improvement.

  1. Review and assess the current state of internal controls: We conduct a thorough review of business processes, control activities, and related aspects, benchmarking them against advanced international practices. This helps determine the current level of effectiveness and uncover potential risks that could impact the company’s operational objectives.
  2. Assess the effectiveness of control processes: Our team of experts will evaluate the effectiveness of internal control measures in business operations, ensuring that these measures are achieving their intended objectives and aligning with risk management requirements.
  3. Identify weaknesses and propose improvement solutions: Through the evaluation process, we will identify weaknesses and gaps in internal controls and propose specific corrective measures to optimize controls, enhance risk management quality, and improve operational efficiency.
  4. Support in implementing necessary improvements: We not only provide recommendations but also assist clients in implementing improvement solutions, ensuring that internal controls are enhanced in a sustainable and effective manner.

 

Service Implementation Steps

Step 1: Initiation
  • Organize a kickoff meeting to clearly define objectives, approach, and introduce the project team.
  • Understand the vision and expectations of related parties.
  • Clarify the roles and responsibilities of each member involved in the process/activity to be reviewed.
  • Discuss with key management personnel to gain a clear understanding of the Company's current structure and analyze process/activity flows.
Step 2: Execution
  • Focus on identifying specific types of risks within the processes or activities to be reviewed, based on regulatory guidelines and industry best practices.
  • Document key risks that could have a significant impact, laying the foundation for further analysis and in-depth evaluation of the internal control system.
Step 3: Analysis & Evaluation​
  • Identify and assess the control measures currently implemented in the processes or activities to be reviewed. The evaluation process includes reviewing the design and operational effectiveness of the existing controls.
  • Compare them with other standards to assess the maturity level of the process, and consolidate observations to validate with the process owners.
Step 4: Reporting​
  • Identify weaknesses and opportunities to improve the control system.
  • Provide specific recommendations to optimize the effectiveness of internal controls.
  • Once the recommendations are confirmed and agreed upon with related parties, we will finalize the report and ensure that all information is accurate and aligned with the established objectives.

Service deliverables

The main deliverable of this service is the "Internal Control Review Results Report," which provides detailed analysis of the effectiveness of each control reviewed. The report not only presents findings but also offers practical recommendations and an improvement roadmap to ensure the company's internal controls operate optimally, align with the risk management strategy, and comply with regulations.

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We provide services to enterprises across Vietnam. Should you want a meeting set-up, quotation, proposal or feedback
Contact here