Process improvement for private companies
How companies can improve their financial statement close process and internal controls.
In today’s business environment, companies are trying to gain competitive advantages from many different areas of the business.
As part of the EY Private Client Audit Experience, our tailored audit approach for private companies, we offer two services that can provide you with deeper insights into your financial statement close process and the design effectiveness of your internal controls environment.
The Financial Statement Close Process Assessment (FSCPA) can help you understand whether, where and why mistakes are made, bottlenecks happen or extra effort is expended. It can also identify improvements in reliability, accuracy, speed and cycle time, and the efficiency needed in the company you are running today, or the one you expect to run tomorrow.
The Internal Controls Effectiveness (ICE) review uses a four-step process to assess the design effectiveness of your internal controls environment, analyzes the maturity of your current control framework, maps out risks, compares them against a library of leading practices, and reports back improvement recommendations.
The FSCPA and ICE services are an integral part of the EY Private Client Audit Experience. Learn more about how we can provide you with deeper insights into the effectiveness of your financial statement close process and internal controls environment.
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