$7.0 Billion Globally-Recognized Private Foundation
Our client, the Audit Committee of the Board of Directors requested an independent review of select processes to ensure existing controls were functioning and effective after implementing a new ERP System. As with any ERP (Enterprise Resource Planning) implementation, existing processes and controls are modified to incorporate the improved functionality of the new system. Management retained LevelX to perform an internal control review to ensure controls were designed appropriately, were operating effectively, and were sufficiently documented. The scope of the review included the Disbursement, Fixed Asset and Financial Reporting (Accounting, Budgeting and Monthly Close) processes.
Role / Actions
- Reviewed select accounting process
- Documented processes and segregation of duties for potential conflicts
- Tested individual transactions and entire populations to ensure controls were functioning effectively and as expected. Utilized data analytic techniques as appropriate
- Prepared a memo to the Audit Committee assessing internal control effectiveness for selected processes
Results
- Performed all activities for which LevelX was responsible on time and within budget
