Assessment of the effectiveness of internal control or specific processes
An effective internal control (IC) helps prevent or detect violations of established rules, misstatements in accounting and financial reporting data, as well as supports the efficient functioning of the organisation’s business processes.
The assessment of IC effectiveness ensures:
- effective governance, economical resource usage, and achievement of organisational goals;
- compliance with applicable legislation;
- data reliability.
Areas of focus in IC or process effectiveness assessment:
- Evaluation of the organisation’s IC:
- Assessment of the organisational structure and delegation of authority.
- Analysis of internal regulatory documents for consistency and compliance with applicable legal requirements.
- Review of risk identification, assessment, and monitoring procedures.
- Evaluation of control procedure effectiveness.
- Assessment of information systems and communication efficiency.
- Analysis of internal control monitoring effectiveness.
- Evaluation of specific processes:
- Review of process regulation.
- Analysis of process-related risks and mitigation approaches.
- Assessment of compliance with standards and requirements.
- Evaluation of collaboration among process participants.
- Identification of opportunities for process improvement and optimisation.
- Measurement of process efficiency.
- Development of IC improvement measures:
- Recommendations to enhance the effectiveness of specific processes.
- Roadmap design for process optimisation.
Upon completion of IC or process effectiveness assessment, the client receives:
- Evaluation of the organisation’s IC or process effectiveness.
- Recommendations to improve IC or specific processes.
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Expert Team
FBK experts have proven expertise – audit diplomas, ACCA (DipIFR) certificates, IAB and professional accountant certificates from the Institute of professional accountants of Russia (IPAR).
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