• IT and financial reporting is becoming complex
• Relatively more reliance is placed on information generated by such systems
• Regulations are putting greater emphasis on internal controls

Regulations tend to hold management and board of directors more accountable for their actions all over the world. In the light of these developments, Turkish Regulators via New Turkish Commercial Code require, for the first time, board of directors to establish robust internal controls. This is the responsibility of the Board which cannot be delegated to general assembly or management.

Taking into account all these developments, internal control system should provide reasonable assurance to the board and management that transactions are complete, accurate, valid and underlying financial data is protected against unauthorized amendments and access to confidential data and physical assets is appropriately restricted to authorized personnel. Therefore, design, documentation and operation of controls are most critical to obtain that assurance.

How Cerebra can help you

Cerebra provides comprehensive internal controls restructuring services that is aimed to increase the efficiency and effectiveness of your existing system of controls.

No two entities have the same internal control system. Companies and their internal control needs differ dramatically by industry size, culture and management philosophy. Therefore, one company's internal control system often will look very different from another's. Considering this fact, Cerebra has developed a methodology which helps companies to design their internal control system to operate in a most effective and efficient manner. This approach is flexible and can be tailored to the needs and expectations of companies of all size.

Our initial step would be to understand your existing control environment. Thereafter, considering the company's strategy and objectives the existing controls will be restructured. Restructuring of your control environment will include the following:

(a) implementing new controls
(b) redesign, remove or rework existing controls

Cerebra will provide its experience and expertise obtained in various industries to ensure that the proper controls are in place.

Improving the control environment will benefit companies in several areas:

I. Increase effectiveness and efficiency of operations
a) Controls will be part of the business and will support the company in reaching its objectives.
b) Unnecessary procedures and costs will be minimized. Focus will be on value added activities.

II. Increase reliability of financial reporting
As controls will be efficient throughout the company; accuracy and timeliness of the data flowing to the accounting function will be improved. This will increase the reliability of the reporting.

III. Enhance compliance with applicable rules and regulations
Controls will be aligned with the current rules and regulations. Furthermore, processes and procedures required to maintain adherence to rules and regulations will become a reality.