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Internal control review
in Singapore.

We evaluate your key business processes and procedures to ensure that you continue to operate efficiently and effectively.

Company registration in Indonesia

Monitor your goals and objectives.

Expert oversight

We create the mechanisms for you to ensure that assets are safeguarded, financial information is reliable and operations are efficient.

Proactive support

Allow our knowledgeable experts to keep your controls updated when regulatory or business changes impact your existing internal control systems.

Clear communication

Our team believes clear communication and information is paramount to good internal control systems. We adopt a hands-on approach in working with you.
Internal review processes

Our internal review services.

The right financial decisions make all the difference in how smoothly your organisation runs and how quickly you grow. At Acclime, we focus on simplicity in everything from reporting and financial analysis to organising your key business processes.

  • Adopting a COSO framework

    The five major components of internal controls according to COSO Framework are control environment, risk assessment, control activities, communication and monitoring. All 17 principles under the five major components are required to be included and function effectively in a company’s internal control structure. The 17 principles consist of the following concepts:

    Control environment

    • Commitment to integrity, ethical values, and behavior of key executives
    • The company maintains appropriate corporate governance and oversight
    • The company creates an appropriate organizational structure and ensures assignment of authority and responsibility
    • Management demonstrates a commitment to competence
    • Accountability is established and enforced

    Risk Assessment

    • Appropriate entity-level objectives have been established and communicated
    • A risk assessment process allowing for the identification and analysis of risk has been established
    • Fraud risk is assessed.
    • Established processes exist to identify and analyze internal and external significant changes which may affect the entity

    Control Activities

    • Control activities are designed and developed 
    • General controls over information technology are designed and developed
    • Policies and procedures set out the control activities

    Communication

    • Information systems provide management with relevant external and internal information, and that information is provided to the right people
    • Adequate internal communication systems
    • Appropriate external communication systems

    Monitoring

    • Periodic evaluations of internal control are made
    • Management analyzes and communicates known deficiencies and responds appropriately to risks related to those deficiencies.
  • After the evaluation and strategy phases, we document the policies and procedures, implement key processes and procedures to make sure your company has finance and account best practices that provide a framework for ongoing growth. Then we build from there.

Single time- or project-based fee
FAQ

Common questions & answers.

What is an internal control review, and why is it important for businesses in Singapore?

An internal control review is a comprehensive assessment of a company’s processes, procedures, and systems to ensure efficiency, accuracy, and regulation compliance. In Singapore, where regulatory compliance is stringent, such reviews are crucial for businesses to identify weaknesses, mitigate risks, and enhance operational effectiveness. They help maintain trust among stakeholders and safeguard assets, ultimately contributing to the organisation’s long-term success.

How often should internal control reviews be conducted for businesses operating in Singapore?

The frequency of internal control reviews varies depending on factors such as the size of the business, industry regulations, and changes in internal or external environments. However, it’s generally recommended that companies in Singapore conduct internal control reviews at least annually. Additionally, reviews should be conducted whenever there are significant changes in operations, systems, or regulations to ensure ongoing effectiveness and compliance.

What are some common areas that internal control reviews in Singapore typically focus on?

Internal control reviews in Singapore typically focus on key areas such as financial reporting, compliance with regulatory requirements (e.g., the Companies Act, GST regulations), safeguarding of assets, IT systems security, and operational efficiency. Specific areas may include segregation of duties, authorisation processes, inventory management, cash handling procedures, and cybersecurity measures. Addressing weaknesses in these areas helps businesses mitigate risks and maintain regulatory compliance.

Who typically conducts internal control reviews for businesses in Singapore?

Internal control reviews in Singapore are often conducted by internal audit teams, external auditors, or specialised consulting firms with expertise in risk management, compliance, and internal controls. The choice of reviewer depends on factors such as the company’s size, complexity, and resources. While some larger companies may have dedicated internal audit departments, smaller businesses may engage external auditors or consultants to perform these reviews on an ad-hoc or periodic basis.

What are the benefits of conducting regular internal control reviews for businesses in Singapore?

Regular internal control reviews offer several benefits for businesses operating in Singapore. These include:

  • Enhanced risk management: Identifying and addressing control weaknesses and vulnerabilities helps businesses mitigate risks related to fraud, errors, and compliance breaches.
  • Improved operational efficiency: Streamlining processes and procedures identified during reviews can lead to cost savings, increased productivity, and better resource utilisation.
  • Strengthened regulatory compliance: Ensuring that internal controls align with regulatory requirements helps businesses avoid penalties, legal liabilities, and reputational damage.
  • Increased stakeholder confidence: Demonstrating a commitment to strong internal controls through regular reviews fosters trust among investors, customers, regulators, and other stakeholders.
  • Proactive problem-solving: Early detection and remediation of control deficiencies prevent issues from escalating, preserving the organisation’s reputation and financial stability.
Ready to get started?

Make sure your corporate governance in Singapore is robust with our internal review.

Non-binding & confidential
Not sure where to begin?

Schedule a free 30-minute discovery call to discuss starting & operating your company in Singapore.

Faith Garcia, Client Relations & Business Development