Business Processes and Internal Controls

Fikret Sebilcioğlu
  • Fikret Sebilcioğlu          CFE, CPA, TRACE Anti-Bribery Specialist         
  • Managing Partner
  • Internal Controls&Forensic
  • E-mail to Fikret

Regulations tend to hold management and board of directors more accountable for internal controls. Do you know if your internal controls work properly to ensure error and fraud risks over operations and financial reporting are mitigated effectively?

Thanks to recent scandals, frauds, and business failures arising from control errors or failures, IT and financial reporting environment surrounded by internal controls have become the top agenda item of companies as:

  • IT and financial reporting is becoming complex
  • Relatively more reliance is placed on information generated by such systems
  • Regulations are putting greater emphasis on internal controls

Regulations tend to hold management and board of directors more accountable for their actions all over the world. In the light of these developments, Turkish Regulators via Turkish Commercial Code require board of directors to establish robust internal controls. This is the fiduciary responsibility of the Board which cannot be delegated to general assembly or management.

Taking into account all these developments, internal control system should provide reasonable assurance to the board and management that transactions are complete, accurate, valid and underlying financial data is protected against unauthorized amendments and access to confidential data and physical assets is appropriately restricted to authorized personnel. Therefore, design, documentation and operation of controls are most critical to obtain that assurance.

How Cerebra can help you

Cerebra provides comprehensive business processes and internal control services that is aimed to increase the efficiency and effectiveness of your existing system of controls. Our services are as follows:

  • Business process and controls assessment
  • Documentation of processes and controls
  • Internal control system restructuring
  • Resource support for internal control assessments
  • Internal control testing
  • SOX & Regulatory Compliance


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