An internal audit is a means for business owners, management, and board of directors to keep their fingers on the pulse of the organization’s risk and control structure to make sure that they are following the strategic plan, keeping on track with efficiency and processes. It is overall monitoring of risk and control environment.
Some of the benefits of internal audit in ever changing business environment and risk landscape can include detecting errors and frauds that might occur because of a control break down or lack of control. Another benefit is that employees understand that we have internal audit function and they are really on their toes striving to do the best that they can do but the main benefit is to monitor the control environment in an organization.
It is significant to striving to maintain the control structure of an organization to increase profitability, add value, and meet strategic goals and plans. In addition, management can become more comfortable and know that changes occur throughout the organization and internal audit will serve to monitor that those changes are functioning as intended.
If you are experiencing increased regulatory burden, significant change throughout organization, or reduced efficiency give us a call. Our part-time internal auditors are available to assess your business operations, compliance, and any issues in carrying out day-to-day activities.
- Efficiency and effectiveness of operational procedures
- Accuracy and reliability of financial records
- Compliance with laws and regulations
- Ensuring safety and optimal utilization of assets
- Finding out problems and their root causes
- Assessing potential risks and losses
- Recommendations and corrective actions to address the issues