Internal Control Systems (ICS)

A lack of control mechanisms, inadequate risk management, economic crime and corruption are the subject of intense public controversy and seem to occur daily. Whereas the requirement to implement and document an internal control system (ICS) as the responsibility of the management can be derived from German legislation for a long time. Two legislative milestones on the way to a worldwide new control culture are the law on control and transparency in business (KonTraG) on a national basis as well as the Sarbanes-Oxley Act (SOX) on an international basis. The German accounting law modernization act (BilMoG) for transforming the 8th EU directive into national law intensified this trend. The BilMoG amongst others emphasized the requirement of the supervisory board to evaluate the effectiveness of the ICS, the internal audit function and the risk management system.

A sound understanding of internal control and its potential value contribution are essential for every business. Operative risk management and an effective ICS form the basis for exploiting the full potential of your business. For instance, an effective ICS facilitates external financing by banks for organizations.

In a globalized economy, medium-sized companies also have business partners who require their suppliers and service providers to fulfill their internal guidelines (e.g. existence of specific internal controls) or to comply with the requirements of section 404 and 302 of the SOX. This is usually disproportionately time-consuming and associated with the commitment of resources.

Altavis uses multi-level procedures to facilitate the development, implementation, optimization and monitoring of an effective ICS. Therefore, your IT is not left out of consideration. Our experienced and qualified IT auditors are consequently integrated in our projects, even if the main focus is outside of IT.

Our approach is based on the internationally recognized and worldwide existent framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Moreover, the national (DIIR) and international (IIA) standards of internal auditing are elements of our approach. We support you in identifying chances for your organization and meeting your objectives in a more focused manner. That way you can add sustainable value.

• Comprehensive delivery of all internal auditing services (outsourcing)
• Co-sourcing/partnering with existing internal auditing
• Concept, design and implementation of an internal auditing function
• Risk-oriented audit planning
• Independent quality assessment (QA)/validation by accredited and registered assessors in accordance with national and international standards (DIIR/IIA)
• Compliance and corporate governance consulting
• Training and coaching of staff at all corporate levels