Assurance, Risk Management and Business Consultancy

What We Provide?

Our Assurance, Business and Risk Management teams create value by helping clients improve their governance, risk management and internal control processes and thereby promoting trust and confidence in business activities.

These are normally come under the remit of Chief Auditor, Chief Financial Officer, Chief Risk Officer, Financial Controller, Business Finance managers, and Business heads.

Below is high level description of work we provide under this service.

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Internal Audit

We can assist in all aspects of internal audit activity from creating an internal audit universe, risks assessing auditable entities, planning, delivery and reporting of internal audit assignments, observations and issues follow-up and closures, preparation of management information for Internal and external stakeholders such as executive management, board/risk committees, regulators and External auditors.

Our "Internal Audit Quality Assessment" (IAQA) can quickly confirm to management those areas requiring improvement. This could include compiling or updating an IAD charter; assistance with producing an internal audit universe and annual (rolling) internal audit plans; enhancing the internal audit methodology and work practices; and providing data interrogation and analytical risk assessment tools.

We can help you establish a Quality Assurance and Improvement program and if required can independently benchmark the performance of an Internal Audit Department against the Institute of Internal Auditors’ Internal audit performance standards.

Under our "Knowledge Transfer Program" (KTP) you can rest assured that you will have a transformed Internal audit function with team members well versed in all key aspects of internal auditing, from the latest techniques and tools including but not limited to:

  • Creating an Audit Universe
  • Risk assessment of Auditable Entities
  • Production of organisation wide high impact control and risk assessment reports, including Board Audit Committee reporting
  • Implementation of a methodology to provide an opinion on a company’s overall control environment
  • Automation of management information processes;
  • Predictive analysis
  • Analysis of key business processes and re-engineering
  • Audit life cycle from planning to report issuance
  • Effective and clear reporting of audit findings including root cause analysis; and more...

All the above add value and help organisations meet their strategic and operational objectives economically, efficiently and effectively.

Our consultants are well versed in Audit life cycle from planning to reporting and can assist you in delivery of your audit plan. Examples of audits which our team is experienced in:

  • Business audits
  • Operational/Performance audits
  • Forensic Investigations
  • Value for Money audits
  • Financial and Risk model validation and review
  • Financial Statements audits
  • Risk Management audits- such as Operational, Market, Credit Risk
  • Treasury and Funding audits
  • Compliance, AML, Sanctions audits etc
  • Project audits
  • Information Systems audits; and
  • Effectiveness of internal control environment reviews

Risk Management

We can help clients develop a framework for effective risk management by benchmarking clients risk management practices against the COSO-Enterprise Risk Management (ERM) Framework and/or ISO 31000-Risk Management Framework. This involve assessing how risk is identified, measured, managed, and reported (bottom-u)p and how risk is viewed, strategised and allocated (top-down).

The source of risks to an organisation stem from its core (key) processes. The risks inherent in processes can be managed by implementing well designed controls. These controls are usually embedded in key policies and processes which together comprise the firms' control environment. An effective control environment does not entirely eliminate risk, but reduces risk to levels acceptable to the governors. This "Residual Risk" must be maintained within the Risk Appetite approved by the governors.

All businesses carry inherent risks. These could broadly be categorised into:

  • Financial (Credit, Market, Liquidity risk)
  • Non-Financial (Operational, Information Security, Regulatory, Tax, Financial Reporting, Concentration)
  • Business (Strategic, Political, industry trends, economic cycles)

We can assist clients to develop and implement effective Risk Management Control Frameworks (RMCF) for all key risks inherent in business processes, the benefits of which include:

  • Establishing common principles and standards for the management and control of all risks
  • Aligning business strategy and senior executives' objectives, thereby driving goal congruent behaviour across the organisation
  • Providing a shared framework and taxonomy to improve awareness of risk management processes
  • Providing clear accountability and responsibility for risk management.

Business Consulting

Our team of qualified accountants, tax advisers, project managers, lawyers and business consultants can help you manage external stakeholder relationships with National and International Regulators, External Auditors, National and International Tax authorities. Some of the services we provide include:

1. Accounting and Audit Support Services

  • Helping company develop Financial and Management Accounting Frameworks covering company financial reporting standards, management accounting reports, financial control polices, processes and procedures and regulatory and risk reporting polices processes and procedures
  • Preparation of financial statements and notes as per relevant accounting standards; quarterly/half yearly management accounts-highlighting areas of concern, regulatory returns and/or risk reporting
  • Assisting clients select external audit firms, from preparation of RFPs, to obtaining quotations, and shortlisting external audit firms
  • Liaising with external auditors, arranging and preparation of financial information and schedules required for external audits

2. Tax Services

Corporate and International Taxation, VAT, Personal and Expatriate Taxation and Employment Taxes. Examples of some of the services include:

  • Preparing tax disclosures for statutory accounting purposes
  • Managing tax compliance and all tax reporting for worldwide group entities including the enhanced reporting requirements under local country adoption of the OECD BEPS recommendations
  • Managing overseas tax payments, including review of proposed payments and ensuring payments are accurately budgeted and tracked
  • Reviewing global operations including residency status and the mitigation of permanent establishment risk
  • Prepare and manage Country by Country reporting including master and local files
  • Assessing contracts and documentations for Tax and VAT compliance
  • Implementing of VAT compliant systems and structures

3. Project Support Services

This is categorised into the following two board work-streams:

  • Project management consultancy services, including:
    A) Project appraisals and analysis
    B) Project feasibility studies
    C) Capacity and expansion projects
    D) Technology assessment and selection projects
    E) Project site selection analysis
  • Financial analysis and studies including:
    A) Cash flow forecast and analysis
    B) Venture/Angel capital studies
    C) Working and/or Risk capital studies
    D) Alternative loan/currency analysis
    E) Free Zone studies
    F) Market differentiation studies
    G) Supplier credit and loan analysis
    H) National/International Exim bank studies
    I) EU, OECD and UNDP social project services seeking funding
    J) National/International Tender document preparation
  • Legal assistance and support including:
    A) Purchasing
    B) Licensing, development, and commercialisation of intellectual property and technology
    C) Drafting and reviewing contractual agreements, patent, trademark filings

4. Assessment and Conformance

Our services include:

  • Identifying hidden risks and recommending mitigating controls.
  • Integrating all compliance requirements in a single system which covers all standards (including the ISO standard).
  • Conducting Environment and Social Impact Assessments (ESIA) as required by environmental protection regulations. We have staff certified to complete ESIAs and to obtain the necessary approvals. We can guide you to establish an environmental management system which conforms to both industry and ISO standards.
  • Having highly skilled Occupational Health and Safety specialists who can help you through the process to conform with all legislation and standard requirements including Health and Safety in your management system.
  • Possessing experts in Food Safety legislation and other regulating standards, who can guide you to compliance.
  • Heading Skill-transference models, so most of your improvement projects can be executed by internal resource, thereby minimizing costs. Using Lean Six-Sigma principles, training and education of Lean Six-sigma Green Belts, and no matter the scale of change, for large scale project we offer PMI and PRINCE2 governmental project management.
  • Possessing 35 years' experience in the ISO Quality management system and 30 years’ experience in the Lean Six-Sigma - Fortis has a strong team which can guide and advise how you can reach excellence.

Trusted for Value and Quality

We help clients implement and execute solutions which enhance business performance and drive sustainable growth. We are trusted by hundreds of clients across the globe.

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