Internal Audit
As the business expands, its complexity increases and hence its functions must be done by different personnel at different levels. But not all businesses are able to maintain a fully fledged internal audit department within its organization structures, yet still the management need to assure themselves that the internal control systems are working as intended.
.The objectives of an accounting system are to ensure that all transactions are completely and accurately processed and recorded and the resulting accounting entries are valid. On its own however, the accounting system cannot meet its objective because it’s manned by human beings who cannot be perfect; and as such may be subjected to errors, frauds or irregularities. Thus the purpose of internal audit is to ensure that the accounting systems of internal control are working in the business as they were intended to. Internal audit function thus becomes necessary principally to prevent, detect, correct and adequately disclose errors and irregularities in addition to ensuring an efficient and orderly conduct of business adherence to management policies.
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Internal audit functions can be done weekly, monthly, or at quarterly intervals depending on the preference of the management. The frequency of the interval chosen would depend on the level of exposure of the business risk of error, misstatement, falsification of record and fraud.
Why you need the service
You are a regulated entity, either by incorporation (Kenya company requirement under statute) or registration for trading purposes.
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How we can support you
- Compliance with regulations
- Advice on controls and processing system deficiencies and weaknesses
- Confirmation of accounting treatments in respect of complex transactions
- Increased awareness of prospective accounting and regulatory changes
- Independent review of externally reported financial and other information
- Your internal audit function has insufficient resource to cover the geographical spread of your organisation
- You want to improve your internal audit function to keep pace with changing risks
- You want to assess the effectiveness of your risk management, internal audit and corporate governance procedures
- You need assurance that your processes and controls effectively manage your business risks
- You are concerned about finding sufficient or specialised talent to audit complex areas
- You need advice on how to align the work of the internal audit function with your organisation’s strategic objectives.
- Assess whether your internal audit function is delivering effectively to stakeholders
- Provide reassurance that your internal audit, risk management and corporate governance procedures are operating effectively
- Advise on the development of internal audit and risk management methodologies that align with strategic business objectives
- Access to specialist internal audit skills using a consistent approach on a global basis
- Provide internal audit resourcing solutions, including full outsourcing or by complementing in-house functions with specialist skills or geographical coverage.
- Internal audit outsourcing - an outsourced service provided through a combination of a dedicated, core delivery service team and a virtual team comprising the broadest range of specialists
- Internal audit co-sourcing - in our co-sourcing arrangements, we work in partnership with our clients, taking a variety of roles and responsibilities, but overall reporting into the head of internal audit
- Internal audit effectiveness reviews
- Advisory services related to any aspect of internal audit including methodology and tools