Internal Audit Services
The compliance audit of all departments within the company involves a comprehensive review process. This audit analyzes the alignment of each department with strategic goals and the effectiveness of internal control mechanisms. The findings are presented to the business owner or top-level executives in a detailed report, including identified non-compliances and improvement recommendations.
What does Internal Audit mean in the private sector?
An effective internal audit activity provides significant benefits to companies:
- Identifying and managing internal and external risks that could hinder the achievement of company goals and objectives;
- Optimizing costs and ensuring efficiency in operations;
- Preventing losses caused by errors, fraud, or misconduct;
- Early detection and prevention of unforeseen events that could have devastating consequences for the company. Minimizing the potential damage caused by such events;
- Ensuring the company captures opportunities in both internal and external environments;
- Increasing the company’s operational effectiveness.
- Developing corporate governance practices and enhancing the company’s reputation;
- Supporting the company’s resilience to economic, financial, and real-sector crises;
- Ensuring the reliability and accuracy of financial reports to the public and operational and financial data used by company management in decision-making;
- Protecting and keeping company assets under record;
- Ensuring compliance with applicable laws and regulations;
- Beyond the internal audit activity, modern internal audit practices that can provide all the aforementioned benefits do not stem from accounting, taxation, or inspections. The starting point is definitely the risks that threaten the company’s goals and objectives and the controls related to these risks.
