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INTERNAL AUDIT

What is an Internal Audit?

Internal audits evaluate a company’s internal controls, its corporate governance and accounting processes. It ensures compliance with laws and regulations and help to maintain accurate and timely financial reporting and data collection.

It also provides management with the tools necessary to attain operational efficiency by identifying problems and correcting lapses before they are discovered in an external audit.

What are the benefits of an Internal Audit?

Efficiency in operational activities

Internal audits spot redundancies in your business practices and procedure and your governance processes and come with recommendations on how to streamline, saving time and money.

Strong Controls

Internal auditing is beneficial because it improves the control environment of the organization by assessing efficiency and operating effectiveness. Are your controls fulfilling their purpose? Are they adequate in mitigating risk?

Detection of frauds

Regular internal audits assess a company’s controls and help uncover evidence of fraud, waste or abuse. The frequency of internal audits will depend on the department or process being examined.

Improved compliance

Internal audits check the laws, regulations, and industry standards with which your organization needs to comply and determine whether you are, in fact, compliant with the local laws.

How it works.

At KAN Global, our professionals will work with you to plan and design financial statement audit engagements. This process is designed to minimise disruptions to your personnel and operations, while still adhering to professional standards. Here is a brief overview of our process.

1

Understanding the client profile

Before we start an audit, we thoroughly understand the special industry considerations and the key requirements of the client. This helps us to lay down the key objectives of an audit assignment .

2

Risk Assessment

Assisting management to identify and prioritise areas or processes that require attention and audit focus

3

Analysing & testing internal controls

Make sure internal controls are in robust shape and verify information in books of accounts.

Performing tests of controls to verify whether controls are working as designed.

4

Coming up with recommendations

From the information we collected during our assessment, we then focus on rectifying any problem areas

5

Drafting detailed final report

Providing observations and recommendations to improve processes and controls and providing insight on how to effectively implement these recommendations

6

Ensuring you are on the right track

Lastly, we do not leave you hanging!

We will perform a follow-up review to verify the changes made have been implemented successfully.