Advised an industrial machinery and equipment distributor

We are delighted to have supported an international industrial machinery and equipment wholesale distributor based in the United States

Our Business Risk team was engaged to perform Committee of Sponsoring Organisations (COSO)'s internal control framework assessment for the Singapore operations:

• Gap analysis and assessment over the COSO internal control framework for various operational and business processes including procurement, cash management, order management and inventory management
• Assessed design and operating effectiveness of internal controls
• Performed an overall evaluation of the current state of COSO internal control framework and conducted discussion on the evaluation result with local management and key stakeholders

Value added

From the review of the client’s COSO internal control framework, our Business Risk team was able to identify gaps on established processes and controls. The team also provided recommendations based on industry best practices in key focus areas such as procurement including counterparty management, cash management including gifts and rebate programs, order management, and inventory management.

The client implemented the recommended practices, further enhancing its controls to effectively reduce the identified risks and have access to more reliable and timely information.