What are the responsibilities of an
Internal Control
Answers
Sami,
These are generally covered in Section 404. They stem from the
Broadly, these controls surround:
-Understanding the transaction flows through the company systems.
-Analyzing flows for fraud and error
-Re-designing flows so there is less likelihood for fraud / error.
-Design, document and implement controls in remaining risk areas.
1
Many thanks
Hi Sami.
For your first question on the scope of your responsibility, you need to discuss that with your boss. Your boss may have a clear scope in mind or may just know policies and procedures are something Lafarge needs, but needs you to define that. If you boss leaves the scope to you, then your second question is key. Blair points you in the right direction there. The COSO framework was recently updated and can be ordered from their website. http://www.coso.org/ There is also quite a bit of information on the web if you search on internal controls. Following the COSO framework will allow you to identify the key risks for your business and also find out what is already in place at Lafarge. You will not be able to do that on your own. You will need to reach out to others in your organization. You will need your boss to champion the project and give you the access needed to build/document the framework for Lafarge.
1
Thank you
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FP&A