Internal Control and Control Testing
Accurate reporting of figures and the underlying business process is of crucial importance. Every digit of every figure must be accurate before the numbers can be communicated internally or externally. Companies that are listed on a stock exchange are subject to even stricter rules and equally stringent regulations. Regulators are increasingly demanding In Control Statements from companies. In these statements, the management signs for the accuracy of the financial data and the business processes. Executives, especially those with one or more business units in the United States, can be held personally liable if the impression being given of the state of affairs is erroneous. 
Relevant laws and regulations include the
Sarbanes-Oxley Act (SOX) in the United States,the Tabaksblat Code (now amended into the Frijns Code) in the Netherlands, Lippens in Belgium, OR728a in Switzerland, Cromme Codex in Germany, the Turnbull Guidelines in the United Kingdom, and France’s Loi sur la Sécurité Financière. This is a risk you do not want to take, which is why the foundation for your internal control must be optimal.
BWise offers a complete and integrated Internal Control suite that assists top managers such as CEOs and CFOs in accurate reporting and risk management. Within BWise Internal Control, financial reporting is effortlessly and transparently assessed based on the above regulations.
