Internal control of financial reporting

Build an effective in-house system for internal control of financial reporting to ensure accuracy and reliability.

SCHNEIDER GROUP’s consultants will analyse your internal documentation, accounting and reporting processes, help identify and eliminate gaps and weaknesses in control procedures to ensure the reliability of financial reporting and optimise risk management processes.

Establish an internal controls system that not only satisfies legal requirements, but supports the achievement of your business objectives. We will:

Analyse the existing control processes and procedures
Offer practical recommendations for improvement
Organise implementation or additional setup of accounting and/or ERP solutions to facilitate necessary processes and control procedures
Regularly monitor the sufficiency and effectiveness of implemented control procedures

What you get

INDEPENDENT EVALUATION OF PROCEDURES

We will not just review corporate documentation describing your internal controls system, but also interview employees involved in accounting and reporting processes. We will analyse task allocation among them and the effectiveness and adequacy of control procedures. We will provide practical recommendations to address gaps and deficiencies.

COMPANY AND STAFF RISK MITIGATION

We optimise controls, eliminate redundant processes and develop missing procedures. We help reduce the risk of financial losses for the company, such as the absence of the date of prohibition to change data in 1C or non-compliance with the "4-eye" principle (e.g. authorisation of payments by one employee only). We also assess personal risks for officials such as the general and financial directors and chief accountant.

SET-UP AND AUTOMATION OF PROCEDURES

We will automate necessary control procedures using basic 1C tools and our in-house developed add-ons for 1C, such as spot-check reports on the state of accounting and tax accounting and the report "Prepayments to suppliers". We will connect additional modules to your existing 1C configuration, provide user training and undertake support for the implemented system.

SATISFACTION OF AUDIT REQUIREMENTS

We will help develop high-quality internal documentation on the internal controls system that is typically requested by auditors during regular mandatory audits. We will train your employees in the correct execution of control procedures for your business to successfully pass the audit.

SUPPORT FOR INTERNAL CONTROLS

We will provide methodological support to your internal controls department, including timely updates on relevant legislative changes that require adaptation of control procedures and information on best practices to organise controls based on our own experience.

REGULAR MONITORING AND OPTIMISATION

If your business does not have in-house specialists, we will take on the internal controller function. We will not only help build an internal controls system, but also organise regular monitoring of the implementation of control procedures, analysing their relevance and adequacy.

Our team

Ekaterina Kvaskova

Partner, CIA, Moscow, Russia

Internal Controls and Audit

Ekaterina joined SCHNEIDER GROUP in 2005 as senior accountant responsible for accounting and tax reporting for company’s customers. She was engaged in complex projects on accounting and taxation, set up of accounting and management reporting preparation processes, voluntary audits, and financial due diligence. With SCHNEIDER GROUP business growth, the need in the development of unified internal accounting standards, policies, and procedures to ensure same highest quality of service for all customers became obvious. Ekaterina, as a head of accounting group, took over the responsibility for the project. In 2009 she was appointed head of the newly established internal controls department. As group director for internal controls and audit, Ekaterina leads all in-house projects on constant assessment and improvement of business processes, identification and mitigation of operational risks. She also advises SCHNEIDER GROUP’s customers on setup of corporate internal controls and audit systems, business process efficiency review, and risk management. Prior to joining SCHNEIDER GROUP, Ekaterina worked as chief accountant in the trading and construction industries. Ekaterina is a certified foreign trade economist, a certified professional accountant with the Institute of Professional Accountants of Russia, a certified internal auditor (CIA) and a member of the Institute of Internal Auditors.

Lyudmila Malsagova

Finance & Accounting Director

Kazakhstan

Lyudmila joined the company in 2011 and has been leading an accounting team of 35 experts since 2014. Lyudmila is in charge of company’s accounting and tax reporting services. She advises SCHNEIDER GROUP's clients on the current legislation, supervises projects for accounting & tax review to identify and mitigate associated risks. Lyudmila's portfolio at SCHNEIDER GROUP includes over 40 projects for companies in a variety of industries, including oil and gas, agriculture, construction, retail, and professional services. She regularly participates in seminars and trainings organized by the company in Kazakhstan. Lyudmila has more than 18 years of professional experience in accounting, international financial reporting preparation, and taxation. She earned her degree in Accounting and Audit from Narxoz University (formerly, Turar Ryskulov Kazakh Economic University) in Kazakhstan, holds an MBA from the International Academy of Business in Finance. She is also a licensed professional accountant and tax consultant in Kazakhstan.

Olga Mastsevaya

Finance & Accounting Director

Olga joined the company in 2004. During her 17 years at SCHNEIDER GROUP, Olga has worked her way up from senior accountant to finance & accounting director. She has more than 25 years of professional experience. Olga specialises in accounting, taxation and financial reporting according to Russian accounting standards, projects on internal audit, transformation of local financial reporting into IFRS and management reporting. She is responsible for automation of financial processes and communication with Russian tax authorities and industry regulators. Olga is an interim General Director for several SCHNEIDER GROUP customers. She graduated from Saint Petersburg State University of Economics and Finance with a degree in Accounting, Analysis and Audit and also holds a degree in Economics and Management from Lomonosov Moscow State University, with a specialisation in Financial Management. Olga is a certified accountant of the Institute of Professional Accountants of Russia.

Natalia Dobrova

Head of Internal Controls, Moscow

Natalia joined the company in 2011 as accountant. During her first 4 years she was responsible for accounting and tax reporting for SCHNEIDER GROUP’s clients, and contributed greatly to the internal control projects, aimed at improvement of internal standards, policies and procedures. In 2015, Natalia moved to a large international certification services company, where she worked for 3 years as deputy chief accountant. Natalia returned to SCHNEIDER GROUP in 2018 to focus on internal control projects: development of internal policies, risk assessment, and business process automation. Natalia has over 12 years of experience in accounting, tax, compliance and internal controls. She graduated from Plekhanov Russian University of Economics with a degree in Accounting, Analysis, and Audit and is a certified expert in international financial reporting of the ACCA (DipIFR RUS).

Elena Vorobyeva

Deputy Finance & Accounting Director

Elena has been with the company for 11 years, working her way up from accounting assistant to deputy finance & accounting director, CPA. Elena specialises in accounting, taxation and preparation of financial reporting according to the Russian accounting standards, including projects on internal audit, as well as transformation of local financial reporting into reporting according to international standards (FRS and HGB). She also supports projects on automation of accounting and financial reporting. Elena has deep knowledge of accounting for wholesale and retail, logistics and agriculture, real estate, professional services industry and representative offices. She graduated from Saint Petersburg State University of Economics and Finance with a degree in Accounting, Analysis and Audit and is a certified chief accountant of the Institute of Professional Accountants of Russia. Elena speaks 4 languages: Russian, English, German and French.

Elena Nazarova

Internal Controls Team Lead, Moscow

Elena joined the company in 2007 as accountant, responsible for payroll calculation, statutory and tax accounting for SCHNEIDER GROUP clients. She has in-depth knowledge in internal policies and compliance, accounting and tax, and specialises in accounting methodology. Elena has more than 10 years of professional experience. Elena has been working in SCHNEIDER GROUP's internal controls department for more than 7 years. She is involved in projects on internal audit, development and improvement of internal policies and procedures; business process efficiency review and optimization, both for the SCHNEIDER GROUP own needs and for company’s clients. Elena is a certified specialist in Economics and Business Administration, an expert in International Financial Reporting (DipIFR RUS) and a member of the Institute of Internal Auditors. Elena is a certified professional accountant by the Institute of Professional Accountants of Russia. She is currently enrolled as a student in the Association of Chartered Certified Accountants (ACCA).

Why Schneider group

HANDS-ON EXPERIENCE

We offer practice-tested solutions tailored to the specific requirements and size of your business. Not only do we set up an internal controls system for all companies using SCHNEIDER GROUP's accounting services, but, like our customers, we also successfully undergo external audits on a regular basis.

MINIMAL COSTS - MAXIMUM EFFECT

We recommend proven tools that do not require significant implementation costs. We set up an internal controls system to help minimise the risk of financial losses and personal liability with minimal effort.

COMPREHENSIVE SUPPORT

We support customers at all stages of building an internal controls system: we develop necessary documentation, take on the function of internal controllers and help to build our own internal control service as the business grows. We support in-house specialists.

INTERNATIONAL EXPERTISE

We help international companies ensure the integrity and manageability of their internal controls systems by adapting head office control processes and procedures to local legal specifics.

About SCHNEIDER GROUP

SCHNEIDER GROUP has been helping businesses to expand to new geographical markets since 2003, offering a full range of business support services: from developing strategy for successful market-entry to helping arrange or optimize accounting, reporting and financial planning processes and establishing efficient IT infrastructures.

500 top experts in 11 countries take care of all resource-consuming non-core business tasks, so our customers can focus on achieving their business goals. We offer services in Armenia, Azerbaijan, Austria, Belarus, Georgia, Germany, Kazakhstan, Kyrgyzstan, Poland, Russia and Uzbekistan, with minor regional variations. Get in touch via our contact form to request details of specific service packages available in your target country.

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