Internal Audit is a process of evaluating the company’s internal controls, including its corporate governance and accounting processes. This type of audit ensures compliance with the laws and regulations which helps to maintain accuracy, on time financial reporting and data collection.
The role of internal audit is to provide independent assurance so that an organization’s risk management, governance and internal control processes are operating effectively. Internal auditors must be independent from the operations to be evaluated and should be reporting to the owners or directors of the Company.
Internal Audit aids to review the Internal control systems in the company. Internal Audit ensures that whether the system helps to achieve the desired objectives of the management as mentioned below:
To ensure compliance of the internal control policies and procedures set by the management of the company.
» Whether the system generates correct and reliable financial results.
» For the effective and efficient utilization of resources.
» To safeguard the assets of the organization.
» For timely detection of significant errors and irregularities, if any.
» To accomplish the overall objectives of the company.
The review and analysis of Internal Audit will be based on the following information provided and assembled from:
» Discussions and meetings with managerial, supervisory, and other staff members of the Company
» Walkthrough Process & Sub-process
» Books and records maintained in the Company.
» Documents and supporting vouchers available for the transactions.
» Financial and operational reports and forecasts made by the management
» Policies, Procedures and Manuals adopted by the Company etc.
When an Internal Audit is being conducted, if there is any vital information which requires immediate attention of the management they will be communicated immediately. After assessment of the relevant areas or segments internal audit report will be issued to the owners on a regular basis with recommendation for the improvement.
The report will explain the risk area in to three, high risk, medium risk and low risk area.
» 15 years in business with highest professional quality
» Real-time service
» Maintain Ethical Values
» International Financial Reporting Standards (IFRSs)
» Complies 100% auditing standards and relevant legal provisions