8 Reasons why Internal Audit is so beneficial?
Does your business have internal controls, but you are convinced that they are not being followed and don’t know why?
An Internal audit can help you determine what controls are currently in place and how effective they are. Internal audits will give management valuable feedback on performance and effectiveness of business controls and ensure that projects or events does happen as they were intended to happen.
Internal audits can also highlight the relevance of certain controls and if management are effective in implementation of business processes.
Bringing in an internal audit review can help with morale in the work place as it will show inefficiencies in the business processes and how to improve general controls. No one likes doing something that they don’t know why they are doing it or what the purpose of it is.
Financial results or information only has relevance if there is a process to delivers this information and the process gets managed. Implementing internal controls and making sure the controls are executed is a key to ensuring financials results gets delivered or improves.
- Identifying risk in the business
- Reducing risk in the business
- Giving recommendations on risks identified
- Giving feedback on management and employees function
- Could highlight areas of potential fraud/weaknesses and what the level of potential risk may be
- Working with management to improve the overall strategy of the business as well as performance
- Documentation of the current processes in the business
- Evaluating compliance i.e. SARS, Statutory or CIPC
If you would like to find out more, please don’t hesitate to contact us on firstname.lastname@example.org or 011 6581324