Top 10 ways Internal Audit Helps your Business
25 July 2021
The Internal Audit department provides two kinds of services to the Group: Assurance and Consulting services. Our services are offered throughout the year and are as per the Board approved risk-based plan. Through these services we help the Group by:
OFFERING INSIGHT AND ADVICE – though management must maintain ultimate responsibility for the processes in their area, internal audit provides insight regarding strategic risks and advice.
EVALUATING RISKS – we asses and communicate risks and effectiveness of risk management efforts to management and the board and develop recommendations accordingly.
ASSESSING CONTROLS – we evaluate control efficiency and effectiveness and provide management and the board assurance that the controls in place are adequate to respond to the risks that threaten the organisation.
IMPROVING OPERATIONS – with a solid understanding of the organisation’s objectives, we examine operations to determine whether they are efficient and effective.
PROMOTING ETHICS – we raise red flags when we discover improper conduct.
REVIEWING PROCESSES AND PROCEDURES – we review operations and assess whether existing processes are well designed to help the organisation achieve its goals.
MONITORING COMPLIANCE – we assess compliance with applicable laws, regulations, and contracts to ensure that management is addressing these requirements adequately.
SAFEGUARDING OF ASSETS – we evaluate the procedures used to safeguard assets from theft, fire, illegal activities, or other types of loss. We bring deficiencies to light and make recommendations for enhanced protection.
INVESTIGATING FRAUD – we conduct audits and investigate possible fraudulent behaviour throughout the organisation.
ENSURING ACCURACY – we examine the reliability and integrity of financial and operational information.