Internal Control Services
Internal controls are designed to prevent and detect errors or fraudulent activities, safeguard assets, ensure financial information is accurate and reliable, and assist in the achievement of business objectives. OGECOPS provides internal control services to all types and sizes of businesses, to assist in evaluating the effectiveness of the company's internal controls. Many internal control engagements are focused on assisting management in documenting or implementing new systems or procedures and making improvements in internal accounting controls. With the advent of Sarbanes-Oxley and the related guidance, additional focus has been placed on the design and effectiveness of internal controls in all companies. Management and the Board of Directors are much more cognizant of the need for an effective system of internal control..
The "corporate failures in many countries in recent times," has led to the growing public awareness of the need for accounting and finance professionals that can detect corporate unethical behaviours. Now the need for investigative services within the accounting departments of such big companies needs to be dealt with. However, the regular person with a CA, CPA, ACCA or ACA will not have the skills that are required to investigate management. There has been such mismanagement, fraud, and unethical behaviour within these companies that the need for accounting "watchdogs" has become a big issue. We provide all levels of accounting and attestation services, including:
Internal Control Design and Review - OGE Professional Services Ltd can assist your company in analyzing, documenting, designing or reviewing internal controls for any or all of your accounting functions. It is important for companies to analyze their business needs and select internal controls that will limit the potential for fraud. This can be particularly beneficial in the event of a new system implementation, a reorganization or restructuring of your accounting functions or the need to review your internal control design to develop efficiencies for cost cutting or staff reduction needs.
Internal Audit - The demands on the internal auditor are changing as companies strive to enhance governance, manage their risk more effectively, and create a sustainable Sarbanes-Oxley compliance process. The current environment presents a unique set of challenges, as well as an exciting opportunity to make a contribution and add value to the organization. Many companies have elected to outsource their internal audit function, as a cost efficient alternative to internal staffing. OGE provides internal audit services by a team of experienced managers with direct knowledge of internal audit and industry experience.
Fraud Investigation - Industry surveys in recent years have shown that as many as 75% of all companies in Nigeria and other countries have experienced some type of fraud. The majority of frauds carried out in small businesses occur because of poor internal controls. If your company or management suspects or identifies instances of fraud, the professionals at OGE Professional Services Ltd can play an important role in your fraud investigation by providing forensic fraud services.
nternal control is the means by which you marshal your organization's resources to achieve your business objectives. Does your system of internal control help you to exploit your opportunities as well as manage your business risks? Is it able to detect material errors in sufficient time for you to take appropriate action? Can you quantify the effectiveness of your controls? Do you just have enough controls - not too many and not too few? If the answer to any of these questions is "no", or you do not know then ... Your response - choose from any of the OGECOPS Internal Control Services The OGECOPS internal control services consists of a variety of complementary modules. You may not need them all - just choose the ones you need.
Structural assessment: We will assess the structure of your internal control system and recommend areas for improvement. We will pay attention to the processes by which you have established, police and improve your system, particularly in the areas of developing risk treatment plans, opportunity exploitation plans and alternative ideas lists. We have a structured methodology for carrying out this type of assessment, and our own system of internal control is based on this approach.
Design and implementation: Following the structural assessment, we can assist you to implement our recommendations. We can also assist you to design and implement a new internal control system from scratch.