An independent assessment of the finance function which compares the finance team’s structure, processes and reporting to “Best Practice” benchmarks
In today’s business environment it is becoming increasingly incumbent on the finance team to demonstrate the value it adds to the business and to identify bottom-line growth opportunities. Many finance teams have not evolved from being a reporting and compliance function.
A sound review process enables the Board and management to review all activities and reengineer the finance function to support business strategy and improve the focus on value adding activities.
The review covers the traditional reporting and statutory activities of the finance function and extends into corporate governance and risk management activities.
The process includes:
A robust examination of all facets of the finance functions – organisation, structure, systems, internal controls, compliance, reporting, risk management.
Discussions are held internally across the organisation, including the Board, and with external stakeholders, including auditors and banking partners.
Benchmarking to “Best Practice” for organisations of similar size, ensures that recommendations for improvement are supported by real life evidence.
An in-depth 360 degree assessment of the finance function, with a plan for improvements in addition to: