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:
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.
PricewaterhouseCoopers offers companies assistance with reviewing their internal controls. The service includes among other things:
- Success and efficiency in its operations
- Reliability of financial information
- Consistency with laws and regulations
PricewaterhouseCoopers also offers services in the field of internal audit which includes regular reviews of the function of internal controls for directors and executives.
- 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