Internal Control Systems
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We offer a comprehensive range of services for designing, evaluating, and developing internal control systems in accordance with best professional practices and international standards (such as COSO), while ensuring compliance with the Jordanian regulatory and legal environment.
Evaluation of the Current Internal Control System
Review of Approved Policies and Procedures
Identifying Operational or Accounting Weaknesses and Gaps
Assessing Compliance with Company Policies and Local Regulations
Designing a Comprehensive Internal Control System
Building an effective control framework including:
Separation of duties and responsibilities
Preventive and detective procedures against errors and fraud.
Establishing written policies that clarify the workflow and control procedures.
Developing policies and procedures
Documenting all core processes: finance, purchasing, inventory, human resources, cash management, etc.
Drafting Standard Operating Procedures (SOPs) tailored to the nature of the business to minimize human and administrative errors.
Testing the effectiveness of controls
Conduct periodic tests on internal controls to ensure their practical application.
Prepare reports that include detailed observations and corrective recommendations.
Preparing internal control reports for senior management.
Periodic reports showing the extent of departments’ compliance with internal policies.
Key Performance Indicators (KPIs) for measuring the effectiveness of internal controls.
Recommendations for improving the control environment and reducing potential risks.
Risk Matrix Design
Identification of Operational, Financial, and Administrative Risks
Classifying Risks Based on Likelihood and Impact
Developing Practical Response Plans (Accept – Mitigate – Transfer – Avoid)
Training Employees on the Internal Control System
Simplified workshops to explain the importance of internal control.
Raising employee awareness of established procedures and their responsibilities.
Promoting a culture of compliance and accountability within the organization.
Preparation of the Internal Control Manual
A comprehensive manual that includes policies, procedures, and the forms used.
It documents the system and serves as a reference for accountants and auditors.
Support for Audit and Internal Review Committees
Assistance in preparing materials for periodic meetings.
Providing management with objective control information to support decision-making.
Designing Internal Controls Specifically for Small and Medium-Sized Enterprises (SMEs)
Designing a simplified and effective control system that suits the size and resources of the company.
Balances operational efficiency and cost.
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