Improving policies and controls documentation quickly and cost effectively
Interim and project professionals you can rely on to get the job done
A Fortune 500 company had developed numerous department policies and internal controls over many years. There were inconsistencies and gaps between the policies and the company’s internal controls documentation. The Director of Internal Controls selected Aventine Hill to standardize the policies and ensure that all cross-references to internal controls were accurate.
We provided a consultant who was experienced both as a controller with expertise in internal controls requirements and as a business analyst with highly developed flowcharting and documentation skills.
After an initial orientation on the company’s controls and inventory of policies, the consultant recommended and aligned with the Director of Internal Controls on a practical approach, a standard policy format, and the level of detail to include in the updated policies. Our consultant was then able to work independently to review approximately 250 policies and reconcile them to the internal controls defined for the company.
- Where a policy tied back to an internal control, the policy was updated to clearly describe the control so that cross-references between the controls and policies were 100% consistent. In some cases, improvements to controls documentation were also recommended.
- As the work proceeded, the company requested to also reconcile the detail procedures and forms referenced in the policies and controls. A more thorough inventory was assembled and variances identified.
- Recommendations were made to consolidate overlapping and duplicate procedures and forms. Updates were drafted to ensure procedures and forms were fully consistent with the policies and easier to maintain.
- All policy and procedure drafts were reviewed and approved by department policy owners in addition to the Internal Controls department.
This company successfully updated hundreds of policies and procedures quickly and cost effectively. Providing a single experienced consultant with broad analytical and documentation skills and extensive knowledge of controls allowed the project to begin producing tangible results quicker than if duties were split between multiple specialists who were less experienced.
The project was more cost effective because almost all hours worked were directly related to creating the deliverables since coordination among multiple people was not required, and fewer questions needed to be asked of department policy owners.
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