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Background:

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.

Needs:

  • 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.

Results:

  • 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.
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