There are a variety of definitions of internal control, as it affects to various constituencies of an organization. COSO internal control framework is a widely-known and used tool when mentioning internal control. It defines internal control as having five components which are control environment, risk assessment, information and communication, control activities, and monitoring. The Basic Standard for Enterprise Internal Control in China applies similar framework. The standard was launched in June 2008 jointly by the Chinese Ministry of Finance, the National Audit Office, and three major industry regulators: the China Securities Regulatory Commission, the China Insurance Regulatory Commission, and the China Banking Regulatory Commission. Effective from 1 July 2009, it is to be enforced among listed companies, while encouraging early recruitment by other large and medium size unlisted companies.

- Design internal control structure

- Develop internal control strategies

- Document business processes

- Identify Risks and controls of business processes

- Scope internal control audit

- Test internal controls

- Redesign business processes

Please let contact PFA anytime if your company is facing difficulty of executing any items lest above. We PFA would be more than happy to solve your company’s problems and provide your company with the best solutions.