Internal audits
Internal audits
Within an ever more complex business environment, organisations are being forced to face a dynamism that increases internal process and transaction risks; this makes internal audits more important than ever. Organisations that are seeking or have achieved a certain level of institutionalisation, understand the importance of having a supervisory committee, either in-house or external, that audits their internal processes, procedures and controls. Our Firm provides an internal audit service that is professional, external, objective and, above all, independent. Our approach is to create made-to-measure solutions for our customers from a strategic, operational, compliance, financial and business viewpoint, and create value for each specific project.
The methodology that our specialists use is based on international standards.
Following are some of the services that our audit department provides:
In a world that is becoming more and more global and dynamic, the number of transactions conducted between organisations that purchase corporate entities, assets and rights is increasing constantly.
Setting the sale price in these transactions is substantially based on aspects such as book value, materialization value, or fair market value, taking associated risks and rights into account.
Purchase audits are important in providing organisations reliable information on the existence and value of assets or rights acquired.
The main purpose of purchase audits is to provide buyers accurate and up-to-date information on the integrity, existence and value of assets and rights acquired, important information for negotiation purposes and conducting transactions.
Our specialists pool their know-how in order to reduce any possible contingencies that may arise during the purchase process, with regard to legal, tax, financial and operational aspects.
The main purpose of the internal audit function is to put into action the internal audit policy of organisations in line with their ongoing risk management plan. These plans may sometimes exceed the capacity of the internal audit department, or it may be that organisations do not have a specific department that carries out this function on account of the cost-benefit ratio. In both cases, an experienced external auditor may be co-sourced.
Our internal audit function service includes the following:
· Developing the audit plan (annual, six monthly or four monthly).
· Assessing the performance of the internal audit department.
· Co-sourcing internal audits.
· Specific operating audits.
· Outsourcing internal audit staff.
· SOX testing (see “Compliance with the Sarbanes Oxley Act (SOX)” in the Business Consultancy section).
The main purpose of control audits, based on a predefined audit plan, whether in compliance with the Sarbanes-Oxley Act or with internal control principles, is to ensure that controls are applied correctly by means of the organisation’s business processes, and to establish to what extent controls are being applied and the reasons for discrepancies found.
All organizations are exposed to the risk of embezzlement and fraud. Irrespective of whether there are controls for reducing and eliminating these risks, it is essential that past transactions are audited in order to establish responsibility when handling resources in the face of possible legal action or negotiations.
The purpose of forensic audit services is to audit past transactions to see if there are any signs of the risk of fraud that may have resulted in embezzlement of funds, plus any evidence of observations made.