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Internal Control Services

Internal controls represent an objective assurance, independent, and safeguard activity designed to add value to and improve an organization’s operations. It aids the concerned organization in accomplishing the objectives by bringing in a disciplined and systematic approach for enhancing and evaluating overall effectiveness concerning risk management, controls, and governance processes. In essence, internal auditing attains the same by providing suitable insights and recommendations based on analyses, assessments, and evaluation of business processes.

JAFAN Consulting continues to grow every day. Thanks to the confidence of our clients in us. We cover many industries, such as financial, energy, business services, consumer products, and others.

By way of commitment towards accountability and integrity, in effect, internal controls offer weight for senior management and governing bodies in the form of an objective source for limiting risks. Some of these values include: better managerial decisions based on accurate and reliable financial and management information, assuring the interests of the organization’s shareholders and the security of their investments, improved stakeholder perception, more significant management of risk, and implementation of robust, approved procedures.

IC Improvement

Internal control (IC) system improvement projects involve our team aiding organizations in determining and assessing risks associated with their financial statements’ accuracy and the safeguard of their assets. Based upon these risks, we set the sufficiency of the internal control procedures designed and perform checks on whether these procedures are appropriately implemented. Upon completing these assessments, our consultants develop documentation that clearly describes the identified processes, risks, and controls and recommendations for internal control improvements based on leading practices.

ERP Controls

Implementing an Enterprise Resource Planning (ERP) System is a significant task of any organization. In almost all circumstances, it links to redesigning organization operations, resulting in substantial changes to the organization’s control setting. Our services go from the processes of an ERP System, including developing controls and security as part of the implementation process, ongoing monitoring, assessment, or one-time reviews. You will profit from emphasizing the main risk impacting your organization by avoiding costly re-work after execution, lowering the risk of fraud, and the project will be carried back on track as required.

IC Design

Internal controls assist in providing that organizations’ staff are doing the right job in the right way to accomplish efficient and effective operations in the workplace in compliance with regulations and laws. When developing and implementing adequate internal controls in an organization, we follow five steps (but not limited to these). First, we establish an appropriate control environment, and then we perform risk assessments to determine potential risks and examine what could happen if a hazard arises. Third, we execute control activities, and then we communicate information captured. Finally, we monitor the implementation of internal controls to assure controls are functioning efficiently.

Saudi Regulatory Compliance

Our experience in enforcing and optimizing the internal control systems of organizations based on international best approaches is beneficial both to assure regulatory compliance and acquire added benefits for the shareholders and executive management. Our experts assist in developing the internal regulatory documents based on the Saudi regulatory and laws conditions and creative internal control principles recommended by international organizations such as the International Organization of Securities Commissions (IOSCO) and the Basel Committee for Banking Supervision.

Internal Controls Services