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Strategic Consulting
COSO Implementation
Essentials: Increasing "No´s" hinders strengthen corporate governance.
- Is an Audit Committee established?
- Is the Internal Audit function estabished?
- Is the Risk Management function established?
- Is Internal Control estabished as a main function of management?
- Is there an approved strategy for the company?
- Is Control based upon a companywide catalogue of targets?
- Are the requirements of SOX and other national governance laws translated into the internal environment of the company?
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A consulting project will getting more expensive the less a company has dealt with the following questions.
- Are all procedures effective, updated, and are subject to daily use?
- Are the frameworks Corporate Governance, Risk Management , and Internal Control well known, e.g. in their differences and harmonizes.
- Are the following items known as there are risk appetite of senior management, best, worst and normal case, early warning systems (EWS), Plan B, emergency plans and simulations?
- Is there experience within the company with either of the frameworks ISA, EFQM, 6 Sigma, TQM, ITEL, CobiT and so far?
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