We assist our clients in putting up the financial system and required documentation in accordance with the company policies and procedures. These systems and documents shall be used as standard references of the employees to perform their work based on established methodology. If the company produces results correctly and consistently, the associated risks are effectively managed.
The accuracy and reliability of financial reports hinge on the operating effectiveness of the organization's internal controls. As businesses become more complex, the need for compliance and controls are growing. Aside from mitigating the exposure of the Company from business risks, the stakeholders such as the suppliers, customers, banks and investors demand for transparency in business dealings and integrity in Management's governance.
The internal audit function has evolved in the last ten years. The internal auditors have embraced a broader role from being a support group to strategic partners. The internal auditors create value to the organization by:
We can identify and address the key business risks associated with compliance and governance issues of your organization. You can also utilize our resources to fill in the gaps on a temporary basis (i.e., knowledge transfer, retraining, temporary leave of absence of internal audit staff and other special needs).
Companies are often caught off-guard when they least expect the unexpected. It is better to avoid the problems early on than fix the problems when it happens. In the world of audit, detecting and correcting the errors are more expensive than preventing it. The price of penalties, lost opportunities or even damaged reputation of the Company are costlier than adding a minimal overhead that can increase the bottomline.
A proactive approach to audit planning is the best recommendation we can give to mitigate the business risks where the Company is most vulnerable. To devise effective internal control mechanisms in the organization and to make sure it is being followed by Management and its employees are vital to the reduction of risks and fraud. These mechanisms must be strong and practical to safeguard the assets of the company, check the accuracy and reliability of accounting data, promote operational efficiency and encourage adherence to prescribed policies and procedures.
We can help achieve the internal audit goals of the small and medium sized entities. We can manage your internal audit function if you don't have the internal audit group or prefer to establish an internal audit group from the outside. While maintaining our integrity and objectivity, outsourcing the internal audit function allows you to have a third-eye in the examination of your operations and the flexibility to concentrate on business strategies for your company.