What is the purpose of internal audits?
The role of an internal audit is to deliver unprejudiced assurance that an organization’s risk management, governance, and internal control processes are functioning effectively. Performing internal audits on a recurring basis keeps a company and its employees on their toes and at the top of their game. Organizations that periodically bring in a third-party auditor are proven to have a better handle on their compliance levels, financial performance, risk management, management control, and governance processes, as long as they demonstrate consistency.
With multiple standards, policies, and metrics to abide by, along with an evolving business process landscape, the need for internal audits is almost sacrosanct in today’s times. However, it is getting increasingly difficult for organizations to manage their auditing processes internally due to the intricacies and responsibilities involved in the entire process. By informing the executive management about the risks that have been elicited and assessed, internal auditors can help organizations to justify if they are managing the organization effectively on behalf of their stakeholders. This is encapsulated in the mission of an internal audit which is to enhance and protect organizational value by providing risk-based and objective assurance, advice, and insight. Therefore, internal auditors, along with executive management, non-executive management, and the external auditors of a company collectively form a vital part of the top-level governance of any organization.
Some activities that are involved in an internal audit include:
The following are the key benefits of conducting internal audits for your organization:
Keeping the above in mind, we at Affility offer Internal Audit services that help our clients escalate their audit capabilities to the next level. Our risk-based audit methodology stems from our core principle of generating value for our clients through each engagement. We offer our expert internal audit services to upgrade your processes and address any issues that are identified as part of the internal audit.
We also provide:
We believe in aiding our clients to set up a cost-effective internal audit function with guidance from our experts in the relevant industry, so that they can benefit from periodic internal audits, rather than treat it as a one-time activity. Each instance of an internal audit comprises the entire spectrum of processes of a business, offering a holistic view across multiple departments. Similar to most specialized professions, internal auditors require a specific skillset and a high level of technical knowledge. They must also be effective communicators, good project managers, analytically strong, and good negotiators – and our experts at Affility come with a culmination of these specialized competencies.