INTRODUCTION
Faced with new market opportunities, ongoing economic challenges, increased pressure to improve risk management effectiveness, many companies are recognizing the need to transform their internal audit and risk management functions to turn these disruptive forces into opportunities.
Companies are pressured to be more proactive and careful in how they manage risks and to provide assurance to internal and external stakeholders about their risk management effectiveness.
Companies that can quantify the risks they face and their likely impact on performance will ultimately make better business decisions.
Flexibility is the key to company survival, and need to achieve a balance of governance, risk- management, regulatory compliance, and performance.
Successful internal audit requirements
- Internal audit reporting to Chief Executive Officer/Executive Director.
- Active audit committee representing top management.
- Competent and experienced internal audit team.
- Awareness of internal audit function among the people of the company.
- Senior management involvement and guidance.
- Prompt action on audit queries.
- Expected co-operation from the end user.
- Approved annual audit plan covering potential business risk.
Issues that you may be facing
- Management concern over the risk exposure for key process or controls.
- Management intend setting up a new internal audit function.
- Poorly valued or no in-house internal audit function.
- Little or no senior internal audit experience.
Broad Audit Objective
To identify and report:
- Fraud, misconduct and procedural and system lacks.
- Policy, regulatory compliance and gaps.
- Internal control gaps and deficiencies monitored for exploitation.
- ERP system or business process limitations and deficiencies addressed.
Our Internal Audit Approach
- Review of the effectiveness of existing internal audit function.
- Identify Gaps and weakness in existing system and procedures.
- Develop internal audit charter.
- Develop internal annual audit plan covering potential business cycle.
- Effective audit coordination and planning.
- Staff training and guidelines.
OUR SERVICES
- We have an industry knowledge, experience, best practices and risk management services to deliver smart internal audit services to any company.
- We can provide internal audit co-sourcing services through continuous monitoring of organizational systems, processes, transactions and controls.
- It is a risk-based approach that focuses on clients' objectives and impediments to achieving those objectives.
- Our team can help a company to build an internal audit department and make appropriate appointments in internal audit.
- We can develop audit procedures and guidelines covering potential business risk area and compliances.