Our advice
Understanding internal control within a company or organization

Specify the responsibilities and limits of the internal control function's responsibilities; in particular for formalizing and drafting audit recommendations on missing or defective controls, as well as responsibility for implementing curative, corrective and preventive actions [FIC 0473] .

Clearly define the role of the auditors: audit function only – report missing or faulty controls – or also, advisory function – propose improvements or suggestions especially with a view to improving effectiveness and efficiency....