Internal control

The role of internal control is to facilitate the management of an operation. Internal control has been defined as a process which is shaped by a company’s Board, the management team and other employees. The purpose of internal control is, at least to some extent, to guarantee that the company reaches the following goals:

  • Success and efficiency in its operations
  • Reliability of financial information
  • Consistency with laws and regulations

Internal control is not one singular action taken by one particular person within or outside the company but is a sequence of events taking place on several levels of the company. Internal control should be a natural part of normal operational activities and working procedures but not a burden to the company’s business.

PwC offers companies assistance with reviewing their internal controls.

The service includes among other things:

  • Assessment of risks which could jeopardise the company reaching its goals
  • Put in place necessary monitoring procedures which are tailored to the clients' needs
  • Assessment of the monitoring environment
  • Analysis of the necessity of information and their reliability
  • Put in place the monitoring of management

PwC also offers services in the field of internal audit which includes regular reviews of the function of internal controls for directors and executives.

Contact us

Kristinn Freyr Kristinsson
Assurance Leader
Tel: + 354 550 5359

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