Financial Systems Controls Audit

Running a tight ship financially is key to the success of any organisation, with HE institutions no different; with the complexity and range of each organisation’s business processes differing, that means internal controls need to be designed effectively, are proportionate and operationally effective.

These controls need to be effective so that key risks are being mitigated to assure the financial success of the organisation. The main aim is to ensure the controls for financial information are consistent with standards established for accounting assertions.

In our assessment, key risks are identified and assessed, along with the associated controls needed to limit those risks. It determines whether those controls are adequate, so that we can provide assurances that they’re working effectively.

We look at these specific areas:

Business process controls
To make sure things are working as they should, we’ll look through things like the number of recorded transactions, how completed those transactions are, their accuracy and validity, making sure they’re recorded in the proper accounts and in the correct accounting period.

General computer controls

We’ll look through controls for system development, changes, access to programs and data and continuity of operations, as well as the overall governance of the financial system.

We’ll then document control objects, assessed risks, key controls and residual risk. We draw out key strengths and positive aspects, while also providing recommendations that are useful and framed within the context of your institution and working environment.

Talk to our team

Enquiries &

When it comes to something as important as ensuring your organisation is running smoothly and achieving its goals, we know that inevitably comes with questions. Feel free to contact us with any queries or questions you might have about KCG.