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Are Your Internal Controls Effective and Efficient?

Effective Internal Controls

This article examines the new reporting requirements for internal controls following the transcription of the 8th Directive into the legislation of some European countries. Compliance with the Directive may offer companies unaffected by the Sarbanes-Oxley Act the chance to benefit from this cumbersome exercise.

How should we carry out a review of internal controls? How can this undertaking be linked to ERM reports?

Key Points

  • Structure of the Internal Control Mix
  • The 8th European Directive
  • Recommended approach
  • Matrix structure – an example
  • Use of Check-List for Process Identification
  • Benefits from Internal Control review
  • Evaluation objectives
  • Matrix structure – an example
  • Benefits of carrying out a review of internal controls
  • Yet another regulation offering opportunities
  • Quantification of residual risks caused by internal control failures
  • Examples of Compliance Learning

 

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Written by:

expert

François Masquelier

RTL Group

Head of Corporate Finance and Treasury, RTL Group, and Honorary Chairman of the European Association of Corporate Treasurers

This article is available as part of an extensive case studies collection: Risk Management Series

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