In Internal Audit, We Specialize In The Following Key Areas for Providing Internal Audit Services:
- Internal Control Outsourcing / Co-Sourcing
- Internal Control Manual Development
- Internal Control Implementation
- Strategic Performance Reviews
- Gap Analysis
- Accounting Manuals Development
- Inventory and Fixed Assets
- Verification Assignments
- Pre-Audit Assignments
- Training and Coaching about internal auditing
Internal Audit definition not only deals with providing assurance services but also emphasizes the need for adding value to your business and strengthen operations and processes. A strong, strategic Internal Audit services framework integrates compliance, controls, and sophisticated risk management with your mission, vision, and stakeholder expectations. As such, it can help you shape a new governance and risk paradigm — anticipating issues, increasing your effectiveness, eliminating duplication, and identifying areas of potential performance improvement. With our strong capabilities, we offer flexible, scalable, and sophisticated solutions to address your unique needs. The Internal Audit benefits that can be reaped are as follows:
- Compliance with laws and regulations: One of the most important reasons for an internal audit is to ensure that the company meets statutory industry requirements and regulations.
- System Improvement: An internal audit evaluates the control environment of the organization, therefore it is often in a better position to suggest improvements opportunities to enhance efficiency and effectiveness of the organization systems and processes.
- Improved financial reliability and integrity: An audit ascertains the accuracy of controls in place to ensure accurate processing of data to produce financial statements with income, expenses, assets, and liabilities. This information gathered can help with future financial planning, decision-making, and budgeting.
- Accountability: Internal Audit increases accountability within the organization and improves the management of internal control within the organization.
- Risk assessment – This includes assisting management to identify, assess, and measure risks that exist in the business processes and evaluate their impact and likelihood.
Our team of internal auditors shall complete the project based on understanding and discussions with the management of the Client regarding their expectations from the Internal Audit function. Our internal audit checklist comprises of the following key elements:
- Risk Assessment
- Identifying the Risk Appetite of the Organization and Key Risk Indicators (KRIs)
- Internal Audit Plan
- Analytical and substantive testing procedures.
- Identifying control weaknesses and recommending remedial actions for identified weaknesses.
- Periodic internal audit report to the top management of client
- Follow-ups with management action plans.