Internal audit is a capacity that, despite the fact which working freely from different divisions and includes revealing straightforwardly to audit council, capacity stays inside an association for example the organization representatives. This is basic for performing audit of both money related and non-budgetary nature inside a wide of territories of activity in a business, as which are coordinated by the yearly audit plan. Inside review sees principle dangers confronting business and what move is being made to deal with those dangers in a powerful way.
Assessment. Improvement. Reputation.
Helping protect assets and reduce the possibility of fraud
Increasing financial reliability and integrity
Improving efficiency in operations
Establishing monitoring procedures
Ensuring compliance with laws and statutory regulations
Tried and tested.
Basically mutually agreed scope, period of audit, extent of audit must be arrived with the client.
Based upon the scope you can split the areas where audit needs to be covered
Draft a checklist against each areas
Maintain the work papers of your observations.
Any queries found during the course of audit, discuss with the authorised persons and sort it out
If queries are material do intensive audit on that particular area.
Decide upon the manner of reporting
Deliver the audit report to the client.
A good company for your company
Consists of a top-down approach, focused on the strategic and significant risks to the organization as a whole
Focuses efforts on the areas of greatest importance and value to the organization
Actively involves clients in the risk assessment process and the resulting outcomes
Is dynamic with a modular design and so can used in multiple scenarios, such as where KPMG is appointed mid-cycle or to provide services under a co-sourcing arrangement
Incorporates an approach that is relevant, scalable and flexible so that it may be applied to any level within an entity.