Effective internal controls and risk management

Effective internal controls and risk management is becoming the norm in today’s business environment. Only through a complete understanding of your business, systems and controls can those risks be identified and correctly dealt with in an efficient manner. Increased demands for clear and transparent corporate governance, risk management and internal audit practices are becoming a challenge for company directors.

Efficiently meeting theses demands instills confidence in your systems and controls.

The purpose of an internal audit is to:

  • Review compliance with management controls;
  • Review compliance with statutory and corporate governance requirements;
  • Review the liability and integrity of management information;
  • Review the risk management process;
  • Review the economic efficiency and effectiveness of operations;
  • Review the implementation of corporate plans and procedures.

Internal audit assignments are generally system-based and involve the examination of files and relevant documentation, interviews with key staff, documenting and testing of controls. The Internal Auditor will work constructively with management and employees.

During the course of an audit, management and staff will be required to co-operate fully with the requirements of the Internal Auditor. On completion a written report as to the outcome of the audit will be prepared.