INTERNAL AUDIT
INTERNAL AUDIT
Internal audit is a method of evaluating and assessing an organisation’s internal controls, risk management procedures, and financial reporting systems. The primary objective of internal audit is to provide independent assurance to management and the board of directors regarding the effectiveness and efficiency of internal controls and to identify areas for improvement. The internal audit process may have different steps and procedures depending on the organisation.
The following outline provides a general overview.
A Planning in Internal Audit
📍 Identify the scope and objectives ……of the internal audit.
📍 Identify the key risks and control …..areas that need to be targeted.
📍 Create an audit plan and schedule.
Risk Assessment in Internal Audit
📍 Evaluate the organisation’s risk management processes.
📍 Assess the risks and prioritise them according to their potential impact and likelihood.
📍 Determine the risk level of each area.
Fieldwork in Internal Audit
📍 Collects and analyses relevant data and intelligence.
📍Assess the efficacy of internal controls and compliance with policies and procedures.
📍 Conduct interviews & discussions with important individuals.
Advantages of Internal Audit
Conducting an internal audit can bring numerous benefits to an organisation. Internal audit has benefits and advantages that include:
- Internal Controls and Identify Weaknesses
- Reduce Rate of Risk
- Compliance with Laws and Regulations
- Optimise Operational Efficiency
- Financial Accuracy
- Fraud Prevention and Detection
Procedure for Internal Audit:
BizGrow Holdings is committed to conducting an internal audit that aligns with the relevant standard. Our team is dedicated to ensuring that all necessary measures are taken to meet and exceed expectations. Trust us to provide a comprehensive and thorough audit that will exceed your requirements.
