Internal Audit
Internal Audit
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Internal auditing is a consulting and assurance activity that is independent and objective. The main objective of this activity is to improve the operations of an organisation by adding value to them. This is achieved by evaluating and enhancing the effectiveness of governance processes, risk management, and control using a systematic and disciplined approach.
Internal auditing is a consulting and assurance activity that is independent and objective. The main objective of this activity is to improve the operations of an organisation by adding value to them. This is achieved by evaluating and enhancing the effectiveness of governance processes, risk management, and control using a systematic and disciplined approach.
By performing checks and evaluation, internal audit provides assurance to stakeholders that controls are appropriate and aligned with the business's risk appetite. Although internal audit often focuses on financial controls, it should be considered a separate function rather than a subset of the finance department.
By performing checks and evaluation, internal audit provides assurance to stakeholders that controls are appropriate and aligned with the business's risk appetite. Although internal audit often focuses on financial controls, it should be considered a separate function rather than a subset of the finance department.
We seek to assist the Audit Committee in discharging their oversight function by providing them with independent, objective and reasonable assurance on the adequacy and integrity of the organisation’s internal control systems.
We seek to assist the Audit Committee in discharging their oversight function by providing them with independent, objective and reasonable assurance on the adequacy and integrity of the organisation’s internal control systems.
Robust internal control systems and effective risk management practices is paramount in today's dynamic business environment. We work closely with organisations to assess their existing internal control frameworks, identify potential vulnerabilities, and develop tailored solutions to mitigate risks.
Robust internal control systems and effective risk management practices is paramount in today's dynamic business environment. We work closely with organisations to assess their existing internal control frameworks, identify potential vulnerabilities, and develop tailored solutions to mitigate risks.
In carrying out the activity, we adopt a risk-based approach which allows us to prioritise our audit on functions or processes that are of the highest concerns or significant impact to the company in the event of control failures. In summary, our steps would consist of:
In carrying out the activity, we adopt a risk-based approach which allows us to prioritise our audit on functions or processes that are of the highest concerns or significant impact to the company in the event of control failures. In summary, our steps would consist of:
Risk Assessment
Risk Assessment
Our team, together with the management team would identify the risks affecting the organization and prioritise the areas to be audited.
Our team, together with the management team would identify the risks affecting the organization and prioritise the areas to be audited.
Planning
Planning
Before an internal control review commences, we will obtain an understanding of the overall strategic (corporate) direction and risks faced by the organisation.
Before an internal control review commences, we will obtain an understanding of the overall strategic (corporate) direction and risks faced by the organisation.
Internal Control Review
Internal Control Review
We then conduct a review of the existing internal control systems by evaluating whether controls are in place to mitigate the risks which could affect the successful achievement of an organisation’s objectives. A flowchart and description process would be used to document the operational activities, risks and evaluation of controls.
We then conduct a review of the existing internal control systems by evaluating whether controls are in place to mitigate the risks which could affect the successful achievement of an organisation’s objectives. A flowchart and description process would be used to document the operational activities, risks and evaluation of controls.
Reporting
Reporting
Thereafter, we would report our observations on the state of internal controls to the Audit Committee.
Thereafter, we would report our observations on the state of internal controls to the Audit Committee.
Monitoring
Monitoring
If necessary, follow up audits would also be conducted to ensure corrective action for audit issues identified have been implemented.
If necessary, follow up audits would also be conducted to ensure corrective action for audit issues identified have been implemented.
Our firm also provide consulting services that includes setting up of an Internal Audit Department/function.
Our firm also provide consulting services that includes setting up of an Internal Audit Department/function.
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