Internal Control System (ICS) in Times of Crises: Theoretical and Practical Approaches – The Proactive and Reactive Role of the ICS in Switzerland
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Publication date
2024
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04A - Book part
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Parent work
Finance in Crises. Financial Management Under Uncertainty
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Volume
Issue / Number
Pages / Duration
71–86
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Springer
Place of publication / Event location
Cham
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Abstract
Crises can occur at any time with serious consequences for organizations. A well-implemented Internal Control System (ICS) helps managing crises and serves to provide adequate assurance regarding the achievement of an organization’s goals in relation to its operations, reporting and compliance. It is mandatory for listed Swiss organizations as well as for Swiss organizations exceeding certain economic key figures. In that case, the existence of the ICS is checked by the external auditor during the so-called ordinary audit. Although it is not mandatory for all other Swiss organizations, they are able to implement an ICS to their own advantage to strengthen their processes regarding the following five components of internal control: control environment, risk assessment, control activities, information/communication and monitoring activities. The authors of this chapter give a brief summary about the theoretical foundations of the ICS with focus on its implementation in Switzerland and how it helps managing crises. Why Swiss organizations are able to benefit from a mandatory or voluntary implementation of an ICS is shown and explained as well as how a well-implemented ICS serves as an important instrument regarding crises—in a proactive manner before and in a reactive manner during crises.
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Subject (DDC)
330 - Wirtschaft
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ISBN
978-3-031-48073-7
978-3-031-48070-6
978-3-031-48071-3
978-3-031-48070-6
978-3-031-48071-3
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Language
English
Created during FHNW affiliation
Yes
Strategic action fields FHNW
Publication status
Published
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Expert editing/editorial review
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Closed
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Citation
SUTTER, Emilio und Basil SOMMERHALDER, 2024. Internal Control System (ICS) in Times of Crises: Theoretical and Practical Approaches – The Proactive and Reactive Role of the ICS in Switzerland. In: Tobias HÜTTCHE (Hrsg.), Finance in Crises. Financial Management Under Uncertainty. Cham: Springer. S. 71–86. ISBN 978-3-031-48073-7. Verfügbar unter: https://irf.fhnw.ch/handle/11654/48224