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Rostami, A., Sommerville, J., Wong, I. L., & Lee, C. (2015). Risk Management Implementation in Small and Medium Enterprises in the UK Construction Industry. Engineering, Construction, and Architectural Management, 22, 91-107.

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• TITLE: Developing a Model for an Internal Control System for Usage in Financial Accounting and Controlling

  AUTHORS: Leander Fritze, Otto Jockel

  KEYWORDS: Financial Report, Financial Controlling, Financial Risk Management

  JOURNAL NAME: Journal of Financial Risk Management, Vol.14 No.1, February 8, 2025

  ABSTRACT: Purpose: The study aims to develop a working and usable model for an internal control system for processes within financial accounting and Control. A case study was conducted in which experts were reviewed and asked their opinions on how an internal control system should work and what it should contain. As a result, a new model is presented. Drawing on the COSO model from 2013, its levels were redefined and brought into a more process-focused context. By using this model, a company can implement an internal control system for all of its relevant finance processes. The findings are based on a case study within the chemical industry, and therefore, the usability of the model for other companies in other sectors is still to be verified. It can be used, though, as a guideline for setting up company-specific systems.