Corporate Finance Director and Internal Audit Department of £700m turnover multinational financial services organisation.
The external auditor's report identified weak financial controls in overseas offices.
- To improve the quality and consistency of the existing self-assessment questionnaire on financial controls.
- To improve the knowledge of company standards in overseas offices.
Solutions We Provided:
- Defined a questionnaire structure which provides consistent reporting.
- Reviewed existing standards and best practice manuals.
- Improved guidance for identification and implementation of appropriate controls.
- Used our Internet-based system to ensure that the latest best practice and standards are available to all offices.
- Helped develop a communication strategy and training plan to complement the programme.
- Project was a catalyst for the development of clear operating guidelines for overseas offices based around the questionnaire structure.
- Reduction in manpower involved in collecting and collating paper and questionnaires from forty locations worldwide.
- Client is now considering an extension of this approach to cover other areas of risk and a global programme.