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Internal audit

 

We help organizations achieve their stated objectives, by using a systematic methodology for analyzing business processes, procedures and activities with the goal of highlighting organizational problems and recommending solutions.

 

The scope of internal auditing within an organization is broad and may involve topics such as the efficiency of operations, the reliability of financial reporting, deterring and investigating fraud, safeguarding assets, and compliance with laws and regulations.

 

At the end of each internal audit performed we issue reports in which we summarize our findings, recommendations, and any responses or action plans from management. Each audit finding within the body of the report contains five elements, sometimes called the "5 C's":

 

 

Condition: What is the particular problem identified?

 

Criteria: What is the standard that was not met? The standard may be a company policy or other benchmark.

 

Cause: Why did the problem occur?

 

Consequence: What is the risk/negative outcome (or opportunity foregone) because of the finding?

 

Corrective action: What should management do about the finding? What have they agreed to do and by when?

 

 

The recommendations in an internal audit report are designed to help the organization achieve its goals, which may relate to operations, financial reporting or legal/regulatory compliance.

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