In general, accounting and auditing are both essential aspects of business finance. Accounting is the systematic process of recording and presenting a company's financial data. Financial auditing, on the other hand, involves reviewing an organization’s financial records to ensure accuracy and compliance with laws and regulations.

What is Internal Audit Service?

Auditors play a crucial role in ensuring that a company's procedures comply with laws and regulations. They act as additional eyes, enhancing accounting efficiency by establishing both risk management and compliance management systems.

External auditors are independent professionals from outside the company, while internal auditors are permanent staff members who continuously review financial operations and processes. Internal auditing not only focuses on compliance but also involves advising senior management and the Board of Directors (or similar oversight groups) on improving their roles and responsibilities. Essentially, internal auditors are vital for evaluating organizational effectiveness and safeguarding the organization against risks.

Why Does Your Business Need Internal Audit Service?

Your business needs the internal audit service to:

• Comply with corporate governance requirements

• Review organisations’ efficiency.

• Assess organisation’s Enterprise Risk Management (“ERM”) system to determine good practices and risk management compliance requirements.

• Develop an ERM system.

• Review internal audit function (its function, practices and board of directors’ expectations)

• Improve internal controls.

The Benefits of Internal Audit Service

Statutory audits concentrate on evaluating the financial statements and overall financial performance of a company. In contrast, internal audits focus on the company's business operations by reviewing and managing corporate governance, internal controls, and risk management practices.

Having internal auditors within an organization offers multiple benefits to its management, underscoring the management's responsibility for internal controls and demonstrating how internal audit can assist in fulfilling this responsibility. The benefits of internal audit include:

• Enhancing the organization’s “control environment”

• Identifying redundancies in operational and control procedures

• Providing recommendations to improve the efficiency and effectiveness of procedures

• Acting as an Early Warning System, enabling timely identification and remediation of deficiencies

• Helping companies set up and implement internal audit methodologies

• Assisting in the detection of potential risks

• Increasing accountability within the organization 

What Can We Do For You?

Our professional team recognizes the critical need for efficiency and accuracy. By thoroughly understanding your business objectives, we provide tailored compliance services that foster sustainability and growth. Our internal audit solutions are designed to:

• Establish relevant internal controls

• Review and enhance risk management frameworks

• Conduct thorough due diligence reviews

• Assess and improve corporate governance

All these services are delivered by our experienced audit personnel, ensuring that your business remains compliant and well-positioned for continued success.