Dit bestand bevat het volledige beroepsproduct van semester 3.2 van de opleiding Finance & Control (= Bedrijfseconomie) / Accountancy. Het is een adviesrapport over het Risk Control Framework binnen DAF en het is geschreven door een groep van vier studenten in het Engels.
Names of authors and student School: Name lecturer:
numbers: Fontys Hoge school Fill in here.
Vier studenten uit semester 3.2 van Name professional product: Place and date:
de opleiding Finance & Control (= Risk Control Framework DAF Eindhoven, January 2018
Bedrijfseconomie) / Accountancy.
Company name:
DAF Trucks N.V.
,Foreword
First, we would like to thank you for the assignment that we have received from you. Examine
whether the internal control can be improved for the company. If the internal control can be
improved, we will give advice on how the internal control of DAF can be improved. To investigate the
internal control of DAF, we use the COSO III framework.
The basis of this research, will result in an advisory report, DAF truck NV can make decisions that are
important for the enterprise.
Eindhoven, January 2018
Vier studenten uit semester 3.2 van de opleiding Finance & Control (= Bedrijfseconomie) /
Accountancy.
1
, Summary
DAF is known for its trucks. DAF is also part of Paccar, a global truck manufacturer. This research
mainly concerns the risks and measures of DAF. There are risks with negative consequences during
the purchase of parts of the trucks and the production of these trucks. A risk control framework will
be created for DAF. This will examine the control environment, risk assessment, control activities,
information and communication and monitoring. The first four parts are examined in this report.
COSO 2013 is used to improve internal control. This applies mainly to large companies because there
are many processes and employees. It is therefore important to reduce the risks, because there is a
chance that the company cannot achieve its objectives.
The risk assessment and control activities were applied to DAF's purchase-to-pay cycle, the
production cycle and the IT. The risks were analyzed in the risk assessment. These risks have negative
consequences for DAF. With the control activities there are measures that reduce the risks. This
enables DAF to achieve its objectives.
The information and communication is the fourth component of the COSO model. Two topics are
discussed here. ''Identifying necessary management information and the chart of accounts to
support financial management information.'' There are also three principles that support the
relevant information and reporting.
An advice has been provided for the risk assessment & control activities based on the analysis of
internal controls. The advisory report is composed of the subjects: ‘’purchase to pay cycle,
production cycle and IT’’. The advice shows that access in the system must be limited so that
unauthorized employees cannot change the data. Data processing integrity controls and review of all
changes to master data. It is also important that there is a segregation of duties. This is used to avoid
fraud. In order to guarantee the quality requirement, DAF will have to check whether the product
meets the quality standard before purchasing. Employees require training to better perform the
work. These are mainly preventive measures, because otherwise this can lead to high costs. When
DAF wants a new system, it is important that this system is tested in advance to prevent errors in the
system. It is also important that employees get an introduction of the system or trainings with the
system.
Index
2
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