Internal auditing is an independent, objective assurance and consulting activity designed to add value to and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. Internal auditing achieves this by providing insight and recommendations based on analyses and assessments of data and business processes.
With commitment to integrity and accountability, internal auditing provides value to governing bodies and senior management as an objective source of independent advice. Professionals called internal auditors are employed by organizations to perform the internal auditing activity.
The role of internal auditor can be broadly classified into 3 categories:
Evaluate internal control systems of the organization.
Evaluate the effectiveness of the organization's risk management activities.
Corporate Governance i.e assisting audit committee of the Board of Directors to perform its responsibilities effectively.
Our approach and methodology for conducting internal audit includes:
Establishing and communicating the objective and scope of work to appropriate members of the management.
Developing an understanding of the business under review.
Describing the key risks facing the business activities within the scope of the audit.
Developing and executing a risk-based sampling and testing approach to determine whether the most important management controls are operating as intended.
Reporting issues and challenges identified and negotiating action plans with the management to address these problems.
Following-up on reported findings at appropriate intervals.
Maintain a follow-up database.
Once the audit is completed as per predefined scope of work and within specified time period, we shall submit our findings, recommendations, response from management in form of an Internal Audit Report. The recommendations in an internal audit report are designed to help the organization achieve effective and efficient governance, risk and control processes associated with operations objectives, financial and management reporting objectives; and legal/regulatory compliance objectives.