Optimisation and harmonisation of the internal control processes and of the Accounting Book for the Group 3B-The Fibreglass Company

Abstract

Carried out within 3B-The Fibreglass Company, this project-thesis aims to optimize and harmonize the company's internal control procedures and accounting processes in order to improve its productivity.

Before starting the process analysis, this work begins by introducing the company and retracing the history of internal audit at 3B-The Fibreglass Company. It also explains the context in which this work is carried out.

The Three Lines of Defence Model is then explained and applied to 3B-The Fibreglass Company, allowing the reader to assess the quality of internal audit within the company.

The actual process analysis is divided into two main steps. The first step consists in explaining the work that has been done to update processes and procedures. A BPMN 2.0 diagram and a comparative analysis of the similarities and differences between the three accounting standards used within the company (i.e. IFRS, BE GAAP and Ind AS) were also added to each process analyzed.

The second stage of the analysis consists in an internal audit. All internal controls implemented by the company are analyzed and evaluated. In total, more than 150 new recommendations are proposed to improve the management of internal control. Afterwards, an analysis of the most interesting recommendations from an academic point of view is carried out. A brief comparative analysis of the recommendations then makes it possible to identify the main trends in this work.

In conclusion, the ethical dimension of internal audit is discussed, and a reflection is devoted to the means to be put in place to enable internal audit to be perceived, not as a necessary evil, but as a powerful and indispensable management tool.