Internal Audit Services

Internal audit services are independent and objective assurance and consulting activities designed to add value and improve an organization’s operations. It helps organizations achieve their goals by bringing a systematic and disciplined approach to evaluating and improving the effectiveness of risk management, controls and governance processes.

Internal audit services play an important role in corporate operations and corporate governance, especially since the Sarbanes-Oxley Act of 2002 holds managers legally responsible for the accuracy of their companies’ financial reports. SOX also requires that a company’s internal controls be documented and reviewed as part of its external audit.

Internal Audit Services Work Results

In addition to ensuring that companies comply with laws and regulations, internal audit services also provide a level of risk management and protection against potential fraud, waste, or abuse. The results of internal audits provide suggestions to management for improvements to current processes that are not functioning properly, which can include information technology systems as well as supply chain management.

Internal audits can be carried out daily, weekly, monthly or annually. Some departments may be audited more frequently than others. For example, manufacturing processes may be audited daily for quality control, whereas the human resources department may only be audited once a year.

Difference between Internal Audit Report and External Audit Report

Internal and external audits have the same goals. Both types of audits analyze aspects of the company to determine a particular opinion. However, there are many differences between the two types of audits.

In internal audit, a company can often select its own audit team. Thus, the team represents the interests of the company’s management team. It may be advantageous to specifically place certain employees with very specialized experience on the team. In external audits, companies can often choose an external audit firm; However, companies often do not have a say in determining which specific employees will be externally audited.

There may be some requirements regarding external audit staff depending on the audit. For example, in an external financial audit, a Certified Public Accountant (CPA) must certify the financial statements. In internal audit, there is no requirement that every member of the audit team be a CPA.

The ultimate goal of any audit is an audit report. However, audit reports are used for very different reasons. Internal audit reports are usually used by internal management to improve company operations, processes, or policies. Within the company, internal audit reports also focus on risk management, asset safeguarding processes, or maintaining compliance (audit compliance) with regulations. Meanwhile, external audit reports are often required for external reasons and are often used more heavily by members outside the company. External audit reports provide stakeholders with an opportunity to assess the trustworthiness of a financial report.

Ultimately, the nature of the engagement will be very different. During internal audits, company employees may often provide advice freely, discuss matters unrelated to the company, or may have very fluid consulting agreements. During an external audit, a very clear scope is often established, and external auditors are often very careful to ensure they do not exceed the limits of their audit.

Why Choose Our Internal Audit Services?

• Experience and Expertise: Our team consists of internal audit experts with experience in various industries. We have a deep understanding of internal methodology and effective audit techniques.
• Confidentiality and Integrity: We understand the importance of confidentiality in internal audits. We guarantee the confidentiality of all information provided to us and conduct every step of the investigation with the highest integrity.
• Approach Tailored to Client Needs: Every internal audit is unique. We work closely with clients to understand their specific needs and design the right customization approach.