Maven hawk Management Consultants LLC was founded and incorporated by a group of qualified professionals. The company was set up with the objective of providing management consultancy services over a wide range of portfolios like Corporate Consulting, Risk Management advisory, Transaction advisory , Tax and compliance services, Corporate Financing, Forensic Accounting, IT implementation and Business Transformation services etc.
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Location
Office 215,Kasco Tower, Damascus Street, Al Qusais Industrial Area 3, Dubai, UAE
ICFR involves design and implementation of policies, and control procedures to assess financial statement risk and provide reasonable assurance that a company prepares reliable financial statements in compliance with accounting standards. The main objectives of ICFR are;
Ensuring the quality, credibility, accuracy and completeness of financial reporting.
Protecting organizational assets.
Ensuring compliance with local laws and regulations.
improving the effectiveness and efficiency of operations.
To achieve organizational mission and goals
The objectives of ICFR Framework include;
Define the adopted internal control framework.
Facilitate alignment of ICFR with the entity's overall risk management strategy and comply with any relevant laws and regulations.
Establish the responsibilities of Management towards ICFR and the implementation and maintenance of effective internal controls.
Detail the reporting obligations for employees and management.
ICFR Framework:
COSO's Internal Control — Integrated Framework is dedicated to improving organizational performance and governance through effective internal control, enterprise risk management, and fraud deterrence which is sponsored by five nonprofits organizations AAA (American Accounting Association), AICPA (American Institute of Certified Public Accountants), FEI(Financial Executives International), IIA (Institute of Internal Auditors), and IMA (Institute of Management Accountants).
Deliverables:
Planning Documentation with timelines
ICFR Framework document agreed with Senior management and Internal Audit Committee
Document of the current state process with Process flows, internal controls, Risk and Control matrices.
Documentation of Gaps identified captured as per category, material/nonmaterial, operating control gaps High/Medium/ Low
Document of the results of effectiveness testing
Remediation plan and action plan
Updated processes based on the action plan
Training materials for ICFR training
Documentation of the ICFR periodic monitoring updation
