ICS
The implementation of an internal control system (ICS) for processes, for instance, allows you to define and conduct internal auditing procedures (at set intervals). It is used by the company for the prevention of damages and risks that could be caused by a company’s own employees or by third parties.
Internal controls in respect of financial reporting have become increasingly important following implementation of the Sarbanes-Oxley Act (SOX) and are absolutely essential if a group company is to be traded on the American stock exchange.