EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
Select your location
Local sites
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.
Our latest thinking
How to navigate complexities in revised FRS 102 lease accounting adoption
FRS 102's lease accounting revisions require entities to adopt a new model by 2026, posing complexities that demand early management planning.
21 May 2025
Vickie Wall
How do you find the clarity to illuminate your path to IPO?
The EY Global IPO Trends covers the news and insights on the global, area and regional IPO markets for Q1 2025 and an outlook. Learn more.
09 Apr 2025
George Chan
How to navigate transition to Central Government Accounting Standards
As Ireland prepares for CGAS implementation, government departments need to adapt to new standards for improved management of public resources. Find out how.
04 Apr 2025
Vickie Wall
How CFOs in Ireland are charting a course for growth and expansion
High levels of optimism among CFOs sees a shift in emphasis from cost cutting initiatives to a new focus on realising growth opportunities. Find out how.
06 Mar 2025
Vickie Wall
Claims validation process automation
Deployment of Intelligent Document Processing reduces insurer’s claim validation time. Find out how.
21 Jan 2025
EY Ireland
How financial controllers can be catalysts for value transformation
Financial controllers have an opportunity to rethink their role and shift from value protectors to innovators and value creators. Find out how.
11 Dec 2024
Vickie Wall
Find out how AI models helped enhance B2B sales for a telecom company.
22 Nov 2024
EY Ireland
Why the world needs business leaders to drive for net zero
There’s an urgent need for businesses to lead in net zero efforts by integrating sustainability into their core strategies. Find out how.
13 Nov 2024
Derarca Dennis
How we can leverage CSRD to drive sustainability and innovation
As businesses navigate a new landscape, the CSRD challenges them to comply, but also to seize the opportunity for growth through sustainability.
25 Oct 2024
Dave O’Shaughnessy
How organisations can embrace responsible AI
Responsible and ethical AI frameworks are key to meeting the challenge of a dynamic regulatory environment. Find out how.
03 Oct 2024
Eoin O'Reilly
How will amendments to financial reporting standards impact businesses
GenAI is evolving rapidly and has the potential to enable CFOs to deliver valuable new strategic insights and predictive analysis to their organisations. Find out how.
12 Sept 2024
Vickie Wall
How to navigate EU Taxonomy's complex rules
The EY report reveals that most of the companies in research scope have disclosed some eligibility for turnover, CapEx or OpEx. Find out more.
10 Sept 2024
Jan Niewold
How European boards can steer sustainability reporting
Find out how boards and audit committees are responding to the EU’s Corporate Sustainability Reporting Directive.
28 Aug 2024
Andrew Hobbs
How will amendments to financial reporting standards impact businesses
The amendments aim to avoid any unnecessary escalation in the cost and administrative burden of financial reporting.
02 Aug 2024
Andrew Behan
How can Ireland successfully adapt as the FDI landscape evolves?
International investors have identified policy areas for Ireland to focus on, including supporting high-tech industries and innovation. Find out how.
28 Jul 2024
Feargal de Freine
CSRD: How to manage your double materiality assessment
Preparing for the Corporate Sustainability Reporting Directive (CSRD). How to conduct a double materiality assessment.
04 Jul 2024
Emer Keaveny
How autonomous finance can be a game changer as reporting burden rises
New technologies will play an essential role in supporting finance functions to become value adding business partners for organisations. Find out how.
13 Jun 2024
Vickie Wall
Why Irish boards need to make sustainability mission critical
A bold approach to sustainability by boards can deliver long-term strategic value to organisations. Find out how.
28 May 2024
Derarca Dennis
Why Irish CFOs must embrace the winds of change in sustainability and AI
CFOs remain firmly focused on cost reduction and control, and upgrading skills as they face into sustainability reporting challenges. Find out more.
13 Mar 2024
Derarca Dennis
Why boards need to play an active role in harnessing the power of AI
Boards have a responsibility to understand the full range and extent of the risks and opportunities presented by AI. Find out how they can do that.
21 Feb 2024
Eoin O'Reilly