Businesses are setup to solve problems in the society.
Achieving the above requires that the organizations should build and sustain robust structures which include
· Setting and executing SMART corporate strategy, reporting lines, business processes, policies, procedures
· Recruiting right mix and size of competent and committed people at all levels: Board, management, assurance and 3rd party service providers.
· Maintaining robust engagements and communication with stakeholders.
· Demonstrating leadership by example through positive tone at the top, mood in the middle and buzz at the bottom.
Risk is everywhere. The cost of financial statement reporting risks arising from incompetencies, retrogressive mindsets and bad behaviours could be catastrophic.
Embedding robust risk based internal controls at the core and support functions and establishing functional collaborative three lines of defense functions driven by competent and committed staff is key to building and sustaining organizational credibility including financial statement reporting integrity.
Quality training is one of the key controls to closing knowledge, competency and commitment gaps.
Recently, we facilitated training programmes as part of assisting our client implement “Internal Control over financial reporting”.
The training themes were:
•Practical risk and internal control ownership reinforcement.
•Practical assurance evidence gathering, work papers documentation and retention.
The primary objectives for the training were to reemphasize continued commitment of the business leaders to good corporate governance and business management principles and also reinforce
• awareness of the three lines of defense and their roles in ensuring
reliability of financial statement reporting,
• first line of defense (process, risk and control owners) to own their processes, risks and controls by being more proactive and less reactive at preventing, detecting and correcting issues at first level.
• 2nd and 3rd Lines of defense to continue to adopt business partnership, collaborative and objective mindsets and behaviours in all they do without compromise to ethics and professional conducts.
Once again, we thank the board, executive management and staff of our client for the opportunity to meet their business needs.
We appreciate business partners and training facilitators:
• Principal @Yvonne Okhaifoh of Nigeria Info Radio FM for the presentation on “Presentations Skills” and the reminder that employees are hired to help their organization solve business problems. Speaking and writing thoughtfully with facts, confidence and respect at any level is key.
• Dr Chiamaka Okonkwo for talking about “stress and productivity management”. Stress could be negative or positive. Understanding the warning signs, speaking up on time and eating right help are helpful for effective management.
• Dr Akiode for taking “financial statement reporting” lifecycle, challenges and solutions to ensure financial integrity is assured.
• IFRS Guru Sam Okoye for discussing “IFRS developments and implications” on the integrity of financial statement reporting.
• Sally Ogwo’Okey-Umahi for talking about “Three Lines of Defense and Combined Assurance” as strategic tools for enhancing financial statement reporting integrity.
Together with Platinum Edge Consulting Limited, we provide business solutions on Corporate Governance, Enterprise Risk Management, Internal Control, Corporate Compliance and Internal Audit including training, GRC technology solutions, framework design and recruitment. For more insights, visit: https://www.platinumedgeconsultingltd.com//
#ICFR #risk #combinedassurance #Internalcontroloverfinancialreporting #Yvonneokhaifoh #nigeriainfolagos #platinum #platinumedge #sallyogwo #sallyokey
Training Pictures uploading
