Reviewing internal controls for a global financial institution
Problem
An international financial institution approached Anex Advisory Services to review its internal control framework and financial reporting processes as part of its Sarbanes-Oxley compliance programme.
Approach
Because of the scale of the project and the pressure on internal resources, the client requested a two-phase engagement:
Phase one addressed high-risk areas such as Finance, Operations and IT. Phase two covered Human Resources, Legal, Compliance, Corporate Services and other specialist functions.
Anex advised the steering committee and project management team, and worked closely with the external auditor to coordinate all workstreams.
Outcome
The client received a complete and impartial assessment of how effectively its financial reporting was controlled, covering both the design and operational effectiveness of the group's internal controls.
The client was introduced to a new, international documentation framework and now has assurance of consistent controls across its international operations.