Audit

The Board of Directors, Audit Committees, and management can all benefit greatly from an internal audit function that is organized and strategically focused. By too frequently responding to immediate tactical requirements, audit functions can add value. It is possible to overlook crucial strategic issues in the rush to implement responses. The end result might be a tactical audit team looking for a plan.

• To identify business risk, write or examine the business process.
• Implement internal control measures to reduce business risk.
• Examine and test the existing internal controls to identify weak spots.
• Creating and reviewing a test of controls to keep an eye on internal controls
• Prepare an internal audit report that highlights the key findings and weak points.
• Concentrating on areas of risk by participating in processes related to risk management and corporate governance.
• Evaluating and suggesting opportunities for process improvement.
• Conducting research on the most effective methods and recommending changes.
• Keeping an eye on how management’s strategic actions are carried out.
• Establishing itself as an efficient and cost-effective business unit. A strategy must drive tactics when designing an  audit function, not the other way around.