Case Study
ICoFR redesign for a leading international telecom operator
One of the largest telecom operators, with several subsidiaries listed in their respective countries.
The business situation
- The client sought support to refresh their Internal Controls over Financial Reporting (ICoFR) activities in compliance with QFMA requirements
- Additionally, they sought to assess the current state of their ICoFR practices and develop a strategic roadmap to strengthen and enhance their control environment
- This refresh covered over 15 Group companies spanning 11 countries. Additionally, the client required assistance in updating the Group-wide ICoFR policy and manual to ensure consistent application across all entities
Our team’s role
RCM Assessment and Update
Evaluated the current state of Risk Control Matrices (RCMs) across operating companies and updated them to reflect process and control changes
Process Documentation and Control Testing
Developed detailed process flowcharts and conducted tests of design to evaluate control effectiveness
Gap Identification
Identified control design deficiencies and areas for enhancement
ICoFR Maturity Assessment
Assessed the maturity level of the ICoFR framework and delivered actionable recommendations for improvement
Policy and Manual Update
Revised the ICoFR policy and procedural manual to align with regulatory standards and best practices
Remediation Planning
Developed a structured remediation plan addressing exceptions uncovered during maturity assessments and control testing
The value our team added
- Implemented ICoFR in accordance with QFMA guidelines
- Refreshed and updated ICoFR documentation across the group
- Conducted a detailed maturity assessment and developed a comprehensive roadmap to achieve the targeted maturity level
- Provided support in identifying control gaps and recommending system enhancements
- Assisted with onboarding RCMs onto the Governance, Risk, and Compliance (GRC) platform to streamline control management and monitoring
- Drafted the ICoFR policy and manual aligned with the COSO framework and industry best practices
Build a Stronger Control Environment
From RCM Review to ICoFR Remediation, Comprehensive Support Across the Control Lifecycle
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