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RED FLAGS AND INTERNAL CONTROLS

UNDERRATED HELPERS

The Challenge.

You know them all, the so-called early warning indicators (red flags) and internal controls that ensure that irregularities are discovered and/or prevented.

Everyone talks about them; only a few take them seriously. There are various reasons for this. You’re not very familiar with the subject, or at some point, more out of obligation than desire, you created these things and then filed them away…

Are you already making use of your helpers?

Let me introduce them: Your own troop of internal strikers and defenders. The strikers become active and sound the alarm when they are challenged. In football, a ball is enough; in your company you need a different trigger. Your defence lines up and makes sure that the ball doesn’t end up in the goal or in front of your opponent’s feet – just like with your internal controls, assuming they have been implemented in the right places. That’s exactly what we’re talking about.

Why strikers and defenders should know who the opponent is.

What happens on a football field when the players don’t know who the opponents are and which goal is theirs? Exactly: an own goal. That’s exactly what happens with early-warning indicators and internal controls. It’s no good having defined them in a general way (cribbed from an excellent textbook), if you haven’t first analysed the situation in your company.

The Goal.

I want you to let your helpers do their job.

  • You already have an internal control system, but can see room for improvement in delicate processes and their controls?
  • You currently use early-warning indicators only periodically, with no connection to your strategy or to strategic and operative risk management?

  • You’re not yet properly familiar with the early-warning indicators for your specific company?

  • You have both an internal control system and early-warning indicators, but don’t yet have both of them playing the same game?

     

As the person responsible, you know that every pro team has a coach at its side. Use this option for yourself, too.

Are you ready to face my questions? I promise to tell it how it is, even if that’s sometimes uncomfortable.

Our joint goals are

  • To add relevant controls to the internal control system.

  • To define early-warning indicators.

  • To use the defined early-warning indicators effectively, in connection with internal controls.

  • To perform sporadic checks when there are internal and external changes, on both the internal control system and the early-warning indicators.

     

The Solution.

You need someone who can demonstrate the game of strikers and defenders, until they become an established team.

 You allow me to analyse the existing control system with you, and to discover early-warning indicators that are useful to the company.

I promise, you get all my experience of the last 25 years as Certified Accountant, Registered Audit Expert,  Certified Fraud Examiner and Business Mediator to make it most effective for you.

The Approach.

Let’s get some internal controls that really work!

True to the motto: Rather five internal controls that take effect, than 25 that your team uses for practice and that keep the auditors happy.

You explain your current situation to me. Based on that, I ask you some initial critical questions and introduce some initial ideas. The combination of your answers defines how we proceed.

With the relevant tools and structures we work together to create a strategy and a game plan. If we need additional external specialists, I’m happy to draw them from my network to join the team – but before making substitutions I like to work with the existing players.

Would you prefer to have me by your side as a sparring partner on a 1:1 basis, or to test your current early warning systems in your team with me as devil’s advocate?

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