Internal controls current state assessment and target operating model design

Design and inform the future development of internal controls for inventory mapping; implemented the future development of first- and second-line controls environment

Client Need

The Finance department of a multilateral infrastructure development bank in China, required assistance in reviewing their internal controls framework and process to identify and document their key controls, as well as any gaps in their processes, to ensure they were compliant with Internal Controls over Financial Reporting (“ICFR”) and The Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) Internal Controls standards

Role

Phased 1: current state assessment, process mapping, gap analysis and target operating model design of first and second-line controls environment for the Finance department, and development of a bank wide framework and policies documentation suite relating to their internal controls framework (ICFR compliant / COSO standards).



Phase 2: Coordinate the uplift, implementation and embedding of Phase 1 target operating model throughout the infrastructure bank to ensure respective departments were compliant with frameworks and policies devised during Phase 1

Value Added

Engagement provided the Finance department, and other first and second line functions, with robust and comprehensively documented and mapped internal controls environment that provided reasonable assurance that their functions and business operations were compliant with ICFR requirements and in line with COSO standards

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