What tasks can be solved by having an effective internal audit in the company
An internal audit, including an internal financial audit, serves as an important tool for achieving the company’s goals allowing it to identify deficiencies in management and operational activities, minimize management and financial risks and improve the company’s operational efficiency which will finally contribute to improving the overall effectiveness of its activities.
Internal audit standards, such as the Global Internal Audit Standards (GIAS), are developed by the International Association of Internal Auditors (IIA). This organization unites professionals from all over the world and strives to set internal audit high standards. The IIA standards are the basis for the formation of the methodology of internal auditors providing unified approaches to risk assessment, management and control. Following these standards allows internal auditors to ensure the quality of their work and compliance with international requirements.
For medium and large companies, internal audit can help to solve the following tasks:
- increase the productivity of individual departments and the company as a whole;
- optimize costs;
- improve the level of manageability and the quality of decisions made;
- comply with the requirements of legislation and regulations;
- maintain control over current processes;
- identify opportunities for optimization and growth.
The implementation of the internal audit system in the company contributes to the formation of a culture of continuous improvement where each employee understands the importance of compliance with the standards and procedures. This, in its turn, leads to increased trust from investors, customers and partners.
Our company’s specialists are ready to provide consulting services on:
- creation and/or development of an internal audit service;
- an independent assessment of internal audit service activities.
Conducting an external independent assessment of the quality of internal audit work will help to improve the effectiveness of internal audit in the company, relying on the results and conclusions of the independent assessment:
Current status analysis: The assessment gives a deeper understanding of the current state of affairs, identifies inconsistencies and identifies existing problems as well as areas where efficiency improvement is possible.
Independent opinion: obtaining an objective assessment allows to find out how well the internal audit in the company meets the requirements and expectations of the key related parties as well as how successfully it fulfills its goals and objectives.
Employee qualification assessment: An independent assessment helps determine the level of knowledge, experience and relevant education of the company’s internal auditors as well as analyze the effectiveness of the tools and methods used in the internal audit process.
Integration into corporate governance: the assessment provides an objective opinion on how closely the internal audit service is integrated into corporate governance processes and what opportunities exist to improve interaction with the key related parties.
Practical recommendations: An independent assessment provides specific recommendations for improving the effectiveness of internal audit including aspects of planning the activities of the internal audit service for a specific period as well as advice on conducting individual audits and preparing reports on the results of work.
Our team of professional consultants is ready to offer customized solutions for each company. By contacting us, you can be sure of receiving a high-quality and objective assessment which will become the basis for the further development of your organization.
To receive more detailed information, clarify the cost of services or request a commercial offer, you can fill out the form on the website or send us an email to info@assurance.by.
