Why Need Internal Audits?
Internal audits play a critical role in a company’s operations and corporate governance. Generally, Internal audits ensure a company is complying with laws and regulations. Also, provide a degree of risk management. review the effectiveness and efficiency of operations and the reliability of financial and management reporting and safeguard against potential fraud, waste, or abuse.
Finally, the results of internal audits provide management with suggestions for improvements to current processes when they are not functioning as intended.
Internal audits may take place on a daily, weekly, monthly, or annual basis. Management is responsible for internal control, which comprises five critical components: the control environment; risk assessment; risk focused control activities; information and communication; and monitoring activities.
services SEAMLESS PROCESS
- Identify a department
- Gather an understanding of the current internal control process
- Checking on Internal Control System
- Issuance of Improvement Plan
- Establishment of Internal Audit Mechanism
- Prepare an official audit report
- Review the audit report with management
- Training of client’s staff to ensure recommendations have been implemented
Internal Audit Services Package