The following steps are developed based on the COSO framework. They can help you to analyze the structures of the processes of your control system and help you to implement a new internal control system.
1. Form discussion groups and brainstorm about your business processes, main risks, current reporting structure, your business environment and so on in order to gain a better understanding of your current situation.
2. After getting an idea in which way to improve your reporting structure meaningfully, you should fix which reports shall be approved by the CEO and CFO in the future.
3. Figure out and record the controls points of all your businesses.
4. Analyze your current internal control system. Find out its weaknesses.
5. Come up with recommendations on how to improve weaknesses.
6. Report the findings and recommendations to the audit committee.
7. Consult the CEO and CFO for advice and approval on the findings and recommendations.
8. Keep an eye on any significant changes. Record and report them to the audit committee on.
