Testing Internal Controls for a Leading Beauty and Personal Care Company
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Case Study
Testing Internal Controls for a Leading Beauty and Personal Care Company
One of the leading e-commerce platforms offering a wide range of beauty and wellness products, along with its own line of cosmetics and a separate fashion vertical
The business situation
The company required assistance in bolstering its internal controls and aiding in the implementation of controls for its subsidiaries during their inaugural year, including:
- Assessing the control environment and devising a plan to address identified deficiencies.
- Identifying controls for recently acquired subsidiaries and proposing implementation measures to prevent deficiencies.
- Identifying all applications affecting critical processes and conducting ITGC testing.
- Addressing ineffective controls stemming from insufficient review evidence, weak control environment, and delay in performance of controls.
Our team’s role
RCM Status Evaluation
Evaluating the company's existing RCMs (business processes and IT applications) to ascertain their current status.
Design Deficiency Identification
Identifying any design deficiencies.
Control Effectiveness Evaluation
Conducting operational effectiveness tests on controls for 8 primary business processes and 14 IT applications.
Audit Committee Reporting
Prepare management reporting to be presented to the Audit Committee.
The value our team added
- After conducting tests and collaborating with management, our team identified areas for enhancement in documentation and the implementation of supplementary controls. We devised a mitigation strategy for critical processes and applications, which involved enhancing existing RCMs, drafting new ones for acquired subsidiaries, and integrating controls where necessary.
Simplify Transaction Accounting
Tailored Support for Smooth Financial Operations
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