Internal Audit
We assess the internal control systems in your business, identify weaknesses and risks, and give practical recommendations to address them.
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What is this service?
Internal audit is a service for management. It examines day-to-day procedures and controls, such as purchasing, inventory, collections and delegated authorities, and measures how effective they are. It differs from an external audit, which aims to give an independent opinion on the financial statements.
Who is it for?
- Growing companies that need to tighten their procedures
- Businesses that want to reduce errors and financial leakage
- Management teams that want to improve compliance
Scope of work
- Assessing the internal control system
- Reviewing transaction cycles and procedures
- Identifying and prioritising risks
- Testing compliance with policies and regulations
- A report of findings, recommendations and a remediation plan
What you receive
- A report of findings ranked by priority
- A practical recommendation for each finding
- A proposed remediation plan with responsibilities and dates
What we need from you to start
- Organisational chart and delegation of authority matrix
- Written policies and procedures, if any
- Access to the relevant records and systems
- The cycles or departments you want to start with
How we work with you
- 1Enquiry
- 2Initial review
- 3Written proposal
- 4Execution
- 5Delivery and explanation
Frequently asked questions
What is the difference between internal audit and external audit?
Internal audit focuses on assessing and improving procedures and controls to serve management, while external audit aims to give an independent opinion on the financial statements.
Is internal audit ongoing or a one-off engagement?
It can be a one-off engagement or a periodic review, depending on what the business needs.
Do small businesses need it?
Not necessarily on an ongoing basis. But a focused review of a single cycle, such as purchasing or inventory, can catch errors early.
Ready to start?
Send the details of your request, and we will get back to you with specific questions or a written proposal.