FINANCE AUDITS

The fundamental purpose of the audit is to provide independent assurance that management has, in its financial statements, presented a “true and fair” view of a company’s financial performance and position. It underpins the trust and obligation of stewardship between those who manage a company and those who own it or otherwise have a need for a clear and objective view. And that list of stakeholders is wide — from the audit committee, shareholders, employees and suppliers, to customers, banks, regulatory bodies and analysts. A rigorous audit process will also, almost invariably, identify areas where management may improve their controls or processes, further adding value to the company by enhancing the quality of its business processes. Given the critically important role the audit plays, CIIC has prepared this useful overview of the financial statement audit — from appointment of the auditors, through the multiple phases of the audit process, to the final report and audit opinion.

Financial services players will need to harness better business models to overcome shortcomings of the past and current challenges. CIIC draws on deep experience across industries to help financial services institutions in every region find innovative ways to optimize processes, reduce back office costs, align IT, manage risks, capture the economic benefits of building loyal customers, and plan for evolving competitive and regulatory landscapes. We work with leading institutions in the banking, insurance and asset management sectors in all major areas. CIIC has deep expertise in financial services, but we also look beyond the industry and draw upon our capabilities experience. We tailor these offerings to the needs of our financial services clients to help them solve problems or pursue opportunities in many areas, including:

• Growth strategy
• Organizational effectiveness
• Operational excellence
• Compliance
• Information technology
• Mergers and acquisitions
• Change management
• Private Equity
• Performance Improvement
• Customer Experience
• Customer Loyalty and Insights

Our Approach

We work with our financial services clients as partners. Together we develop clear, practical action plans, and support or run the implementation of those plans to ensure real and sustainable performance improvement. We have worked with leading financial services companies in many strategic and operational areas, such as: Customer orientation to drive organic growth. We have redesigned the customer experience at all touch points with the organization and installed feedback loops to ensure the voice of the customer is heard and acted on. Financial services firms that consistently marry greater efficiency with higher productivity in serving customers generate the highest shareholder returns.

CIIC works with leading services firms to strip complexity out of products and processes, and reduce costs as a way of bolstering or rebuilding margins. Harnessing and sourcing information technology that is aligned with strategic goals. Today's financial services firms must have a technology strategy that's both sophisticated and efficient if they are to compete successfully. We help our financial services clients decide how best to source technology and ensure that information technology is aligned with business growth objectives and delivers effectively on its promise.

Integrating acquired companies to realize the most value. Successful merger integration lies in a few, powerful guiding principles: Tailor the integration thesis to the deal thesis; integrate where it matters; and act with deliberate speed. Making and executing key decisions better and faster to fuel unprecedented financial performance. Financial institutions’ ability to react nimbly to mounting industry pressures—changing regulatory demands, diversifying product lines and markets, and increasing industry risk and uncertainty—depends on how effectively the make critical decisions.

We work with financial institutions to identify the highest value decision opportunities, establish clarity about decision accountabilities, and build enduring behaviors, measures and incentives throughout the organization to continuously produce faster, better decisions, faster action, and improved efficiency.