Services
FORENSIC INTERNAL CONTROL SYSTEM [FICS]
A Forensic Internal control system is the whole system of controls scientifically put in place to monitor the overall transactions and financial records of the Company. It ensures compliance with agreements/procedures, accuracy of recording, protect the interests of the owners, success of business objectives and as much as possible derive evidence which can be used in a court of law or legal proceeding, It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve effectiveness of risk management, control and governance processes.
Characteristics of [FICS]
- It is not based on drawing samples but comprehensively examines all transactions from beginning to end
- It is not limited to junior/middle level staff but also examines the best way to attaining the objectives of an organisation
- It eliminates the problems relating to collusion of staff as it is not static like the conventional audit/internal control works
- Unlike the conventional Internal Control System, It is not only directed at routine transactions. The one-off or unusual transactions are also captured
- The cost of a FICS, although much more effective is considerably lower.
- The possibility of circumvention of controls either done or through collusion with parties outside or inside the entity, is eliminated due to the independence of the FICS staff
- Fraud, errors, omissions and commissions possibilities are reduced to the minimum/normal loss level
- Changes in environment does not affect operations when the FICS is operating
Operations:
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(Option 1) – FOR CLIENT MANAGEMENT
1) Developing the operating manual
2) Training of qualified staff for the operation
3) Monitor it to work for a minimum of 12months
4) Quarterly update of the FICS staff -
(Option 2) – MANAGE THE FICS FOR CLIENT
• Work with existing junior staff of the organisation
• Introduce trained forensic auditor(s) to coordinate the controls functions
• The forensic auditor remains as our staff
• Our Firm takes total responsibility of the internal control System making weekly, monthly, quarterly and annual reports to Management
• The forensic auditor(s) will be strictly supervised personally by our Managing Partner
• The fee to be charged depends on the number of forensic auditors deployed which is a function of the size of an organisation
We will highly appreciate your kind patronage of this service which is very unique. We are available to discuss further on these at your convenience please. We are eagerly waiting for your call
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