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Internal Audit

Audit Process

Internal auditing is a profession and activity which helps organizations to achieve their stated objectives.

It uses a systematic analysis methodology for business processes, procedures and activities with the goal of highlighting organizational problems and recommending solutions. Professionals called internal auditors are employed to perform the internal auditing activity. The scope of internal auditing within an organization is broad and may involve factors such as the efficiency of operations, the reliability of financial reporting, deterring and investigating scams, safeguarding assets and compliance with laws and regulations.

In essence, internal auditors help their organisations to avoid risks. They keep senior level executives up-to-date on key questions such as whether risks have been identified and how well they are being managed. They deal with issues that are essentially important to modern organisations. They look beyond the narrow focus of financial statements and financial risks to consider wider issues such as the organisation’s reputation, its impact on the environment and the way it treats its employees.
What is the difference between internal and external audit?
There are significant differences between the internal auditors and external auditors. Internal auditors look at all the risks facing an organisation and what is being done to manage these risks. External auditors on the other hand look at financial accounts. So internal audit’s role is broader and vital, for example, including auditing the reputational risk that a company could be damaged by using cheap labour in foreign countries. It could also include auditing operational risks such as poor health and safety procedures, or strategic risks such as the board stretching company resources by producing increasing the production..

How can we help?
Our services include:

  • Fraud Prevention and Detection
We will implement effective fraud prevention and detection schemes and support the implementation of risk management processes. Internal Audit reviews the design and effectiveness of anti-fraud measures for such activities as financial management and reporting, procurement, payroll, warehouse/workshop/farm operations, partnership management and project management, as part of audits of these topics.
We can also assist you in the conduct of fraud investigations by supervising investigations which are conducted by externally-sourced experts.

  • Performing risk assessments and developing audit plans to raise the level of internal audit performance.