Samenvatting

As I chose to do Lycar track 1, I have the opportunity to write my thesis for my internship company. I am currently working as Assistant to the CFO at Quantum Capital Partners (QCP), a private equity company, based in Munich, Germany, which is specialized in special case mergers & acquisitions.
Due to mandatory company audits and expansion plans, internal security standards need to be revised and improved. Therefore, my company mentor and CFO at QCP, Christian Vonier, has given me the task to explore ways to integrate internal controls into the operation.

After consulting scientific literature on the topic, it became clear that internal control is a topic concerning every running business, no matter their size or the volume of their profits. Properly implemented and executed, internal controls can be a strong tool against internal frauds and scams, but also, they can help improving an organization’s operational efficiency.
After this evidence was gathered, the following problem statement was developed:


“How should QCP design and implement an internal control system to minimize the chances of fraud and improve operating efficiency within their financial departments?”


Accordingly, a literature review on the internal control systems as well as change management, was conducted. With the internal control systems, it was especially important to look into, the effects they can have on organizations, industry standards, different types and components. Additionally, the theory of change management is of high importance for this undertaking, as it ensures a smooth and sustainable integration.
Furthermore, the researcher intends to conduct several interviews with change management experts, internal auditing experts as well as employees to get further insights into the theory for development and implementation of an internal control system.
Based on the then gathered evidence, the researcher will develop and implement a feasible solution improve internal security and operational efficiency at QCP.