Internal control of financial reporting

Build an effective in-house system for internal control of financial reporting to ensure accuracy and reliability.

SCHNEIDER GROUP’s consultants will analyse your internal documentation, accounting and reporting processes, help identify and eliminate gaps and weaknesses in control procedures to ensure the reliability of financial reporting and optimise risk management processes.

Establish an internal controls system that not only satisfies legal requirements, but supports the achievement of your business objectives. We will:

Analyse the existing control processes and procedures
Offer practical recommendations for improvement
Organise implementation or additional setup of accounting and/or ERP solutions to facilitate necessary processes and control procedures
Regularly monitor the sufficiency and effectiveness of implemented control procedures

What you get

COMPANY AND STAFF RISK MITIGATION

We optimise controls, eliminate redundant processes and develop missing procedures. We help reduce the risk of financial losses for the company, such as the absence of the date of prohibition to change data in 1C or non-compliance with the "4-eye" principle (e.g. authorisation of payments by one employee only). We also assess personal risks for officials such as the general and financial directors and chief accountant.

SET-UP AND AUTOMATION OF PROCEDURES

We will automate necessary control procedures using basic 1C tools and our in-house developed add-ons for 1C, such as spot-check reports on the state of accounting and tax accounting and the report "Prepayments to suppliers". We will connect additional modules to your existing 1C configuration, provide user training and undertake support for the implemented system.

SATISFACTION OF AUDIT REQUIREMENTS

We will help develop high-quality internal documentation on the internal controls system that is typically requested by auditors during regular mandatory audits. We will train your employees in the correct execution of control procedures for your business to successfully pass the audit.

SUPPORT FOR INTERNAL CONTROLS

We will provide methodological support to your internal controls department, including timely updates on relevant legislative changes that require adaptation of control procedures and information on best practices to organise controls based on our own experience.

REGULAR MONITORING AND OPTIMISATION

If your business does not have in-house specialists, we will take on the internal controller function. We will not only help build an internal controls system, but also organise regular monitoring of the implementation of control procedures, analysing their relevance and adequacy.

Ekaterina Kvaskova

Partner, CIA, Internal Controls and Audit, Moscow, Russia

Ekaterina joined SCHNEIDER GROUP in 2005 as senior accountant responsible for accounting and tax reporting for company’s customers. She was engaged in complex projects on accounting and taxation, set up of accounting and management reporting preparation processes, voluntary audits, and financial due diligence. With SCHNEIDER GROUP business growth, the need in the development of unified internal accounting standards, policies, and procedures to ensure same highest quality of service for all customers became obvious. Ekaterina, as a head of accounting group, took over the responsibility for the project. In 2009 she was appointed head of the newly established internal controls department. As group director for internal controls and audit, Ekaterina leads all in-house projects on constant assessment and improvement of business processes, identification and mitigation of operational risks. She also advises SCHNEIDER GROUP’s customers on setup of corporate internal controls and audit systems, business process efficiency review, and risk management. Prior to joining SCHNEIDER GROUP, Ekaterina worked as chief accountant in the trading and construction industries. Ekaterina is a certified foreign trade economist, a certified professional accountant with the Institute of Professional Accountants of Russia, a certified internal auditor (CIA) and a member of the Institute of Internal Auditors.

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Ludmila Malsagova

Partner (Finance & Accounting), Kazakhstan, Kyrgystan

Lyudmila joined the company in 2011. Since 2014, she has been leading the Accounting Department with a team of 70 experts. Lyudmila is in charge of company’s accounting and tax reporting services. She advises SCHNEIDER GROUP's clients on current legislation, supervises projects for accounting & tax review to identify and mitigate associated risks, and supports internal and external statutory and tax audits. Ludmila also manages the HR department consisting of more than 20 specialists, which provides clients with HR management services, consulting on migration and labour law issues and much more. Lyudmila's portfolio includes more than 50 projects for companies in various industries, including oil and gas, agriculture, construction, retail, and services. She regularly participates in seminars and trainings organized for clients by the company. Ludmila's cumulative professional experience in accounting, IFRS and taxation exceeds 23 years. She graduated from the Kazakh Economic University named after T. Ryskulov with a degree in Accounting and Audit. She has an MBA diploma from the International Academy of Business, specializing in Finance. She is a certified professional accountant and tax consultant of the Republic of Kazakhstan.

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Elena Vorobyeva

Director ERP & Financial Management, St. Petersburg, Russia

Elena has been with SCHNEIDER GROUP since 2010, starting out as an accounting assistant, to now being the Director for ERP & Financial Management, CPA. She specializes in accounting, taxation, and financial management. She has participated in and led accounting projects for clients from various industries, applying deep knowledge in accounting for wholesale and retail trade, logistics, agriculture, real estate, professional services, hotel business, manufacturing, IT, and representative offices of foreign companies. Elena is focused on meeting clients' needs to the fullest extent, ensuring legislative compliance. Elena has successfully conducted audits of accounting and tax records, offered clients options for optimization in the financial sphere. Her special areas of professional interest include preparation of financial reporting according to international standards (including IFRS and HGB) and accounting automation. Elena has experience in leading projects related to migration from foreign accounting systems (SUN, SAP) to 1C, setting technical tasks, and possesses profound knowledge of 1C software. She has also led client projects that involve data migration from various software (SAP, Opera, Materials Control) to 1C. Elena graduated from Saint Petersburg State University of Economics with a degree in Accounting, Analysis and Audit and is a certified chief accountant of the Institute of Professional Accountants of Russia. Elena speaks 4 languages: Russian, English, German, and French.

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Elena Nazarova

Internal Controls Team Lead, Moscow, Russia

Elena joined the company in 2007 as accountant, responsible for payroll calculation, statutory and tax accounting for SCHNEIDER GROUP clients. She has in-depth knowledge in internal policies and compliance, accounting and tax, and specialises in accounting methodology. Elena has more than 10 years of professional experience. Elena has been working in SCHNEIDER GROUP's internal controls department for more than 7 years. She is involved in projects on internal audit, development and improvement of internal policies and procedures; business process efficiency review and optimization, both for the SCHNEIDER GROUP own needs and for company’s clients. Elena is a certified specialist in Economics and Business Administration, an expert in International Financial Reporting (DipIFR RUS) and a member of the Institute of Internal Auditors. Elena is a certified professional accountant by the Institute of Professional Accountants of Russia. She is currently enrolled as a student in the Association of Chartered Certified Accountants (ACCA).

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Why Schneider group

HANDS-ON EXPERIENCE

We offer practice-tested solutions tailored to the specific requirements and size of your business. Not only do we set up an internal controls system for all companies using SCHNEIDER GROUP's accounting services, but, like our customers, we also successfully undergo external audits on a regular basis.

MINIMAL COSTS - MAXIMUM EFFECT

We recommend proven tools that do not require significant implementation costs. We set up an internal controls system to help minimise the risk of financial losses and personal liability with minimal effort.

COMPREHENSIVE SUPPORT

We support customers at all stages of building an internal controls system: we develop necessary documentation, take on the function of internal controllers and help to build our own internal control service as the business grows. We support in-house specialists.

INTERNATIONAL EXPERTISE

We help international companies ensure the integrity and manageability of their internal controls systems by adapting head office control processes and procedures to local legal specifics.