Internal controls effectiveness

Investors, management and stakeholders around the globe are seeking higher standards on internal controls, risk management programs and communication. The EY internal controls effectiveness review can uncover controls that are not effectively designed and provide improvement recommendations.

What EY internal control system can do for you

In today’s business climate, companies can benefit from a strong internal control environment, providing them with:

  • A solid foundation to support growth
  • Improvements with regards to their efficiency and effectiveness of operations and reporting
  • Safeguard of company assets
  • Protection from fraud
  • Compliance with laws and regulations

Companies with a strong internal control system tend to be more adept at identifying and mitigating the risks that can undermine achieving their business goals. To help you build your confidence in your internal controls, we can offer an effectiveness review of your internal controls environment, specifically focused on private companies.

Our internal controls effectiveness review is designed to assess financial statement controls and certain operational controls in five key processes:

  • Order-to-cash
  • Purchase-to-pay
  • Payroll
  • Inventory
  • Property, plant and equipment

We can provide an overview of the effectiveness of these controls including:

  • Reporting controls that are not designed effectively
  • Gaps in the existing control framework
  • Recommendations to improve existing controls

The internal audit controls effectiveness review starts by analyzing the maturity of your overall control framework before reviewing the detailed processes. We can map your risks with the existing suite of controls in your organization and then compare those controls against our library of leading practices.

We can use our knowledge of your business and our experience from similar organizations to offer a list of recommendations, providing a report that can highlight the key areas of improvement to your control processes.

Buiding confidence in your internal controls

Learn more about our internal controls effectiveness review.

Contact us
Like what you’ve seen? Get in touch to learn more.

Our latest thinking

Are you harnessing the growth and resilience of private capital?

Private capital markets have been outperforming equities, offering investors opportunities of higher yields and portfolio diversification. Learn more.

04 Apr 2024 Ryan Burke

How do you steady the course of your IPO journey in a changing landscape?

EY Global IPO Trends Q1 2024 provides insights, facts and figures on the IPO market and implications for companies planning to go public. Learn more.

27 Mar 2024 George Chan

The Board Imperative: Champion CROs to boost risk governance and growth

Boards can bolster resilience, seize new opportunities and create long-term value by collaborating with and further empowering their CRO. Learn more.

08 Apr 2022 Sharon Sutherland + 1

How will soft skills give CFOs a sharper edge?

Private company CFOs are change agents, stewards of long-term value and technology leaders, but need to improve their people skills. Find out more.

03 Jun 2021 EY Global

How private company CFOs can use data to make a difference

Implementing sophisticated data analytics can be challenging for private company CFOs, but the rewards can be great.

07 May 2021 Sylvain Friedman

How to audit the next generation of digital assets 

When auditors encounter digital assets, such as cryptocurrency in financial statements, do they audit them as cash, financial instruments or something else?

30 Jan 2020 Jeanne Boillet