All owners and management are interested in the success of their company, and they want to ensure that its activities and results are controlled and its systems function seamlessly.
An internal audit supports the achievement of these goals. The internal audit service is designed for private entrepreneurs and for government authorities, the institutions under their governance, municipalities, foundations and citizen's associations.
We provide the following services:
- performance of the functions of internal auditor in public agencies and business entities;
- mapping of business processes and risk assessments
- evaluation of the efficiency of the internal control system
- advice for the formulation of internal control procedures
Internal audit and internal control
The department of internal audit advises customers on issues related to the internal control system and internal audit, and it conducts internal audits. The involvement of an external partner guarantees that an audit is objective and prevents conflicts of interest in the organisation.
An internal auditor assesses the functioning of the internal control system. An efficient system of internal control provides assurances to the management that the organisation will achieve its objectives, it follows applicable legal acts and regulations and that financial statements have been prepared properly.
We provide an internal audit service in accordance with the standards of the Institute of Internal Auditors (IIA) and other relevant regulations and legal acts.
In the evaluation of an internal control system, we proceed from the internal control concept of COSO. In the evaluation of the control environment in public agencies, we adhere to the international standards of internal control as set by INTOSAI.
- We have an international cooperation network and extensive experience in advising as well as the evaluation of management and control systems in both the public and private sectors.
- Our professional experience and expertise in the area of internal audits and support from leading financial and business consultants enable us to offer an integral internal audit solution to our customers.
We perform the function of internal audit either in full or in part: we assess risks, prepare the strategy and annual plan of internal audits; we perform compliance, performance and system audits; we prepare a report to highlight our observations, recommendations and identified risks; and we present these to the management of the organisation.
In public agencies, we provide assessments to annual reports and the legitimacy of transactions.
Advice in the issues of internal audit and internal control system
We consult internal auditors about the setting up of an internal audit function. We provide advice to our customers in connection with preparing the strategy and annual plan of internal audits, planning, conducting and documenting the audit and formulating the audit report.
We provide advice to the management of organisations for setting up an efficient internal control system, which covers the control environment of the organisation, risk management, control activities, information and communication systems and monitoring.
We also give advice to our customers for the formulation of internal procedures.
We coordinate the assessment of risks: we conduct a training session on the methodology of risk assessment and set up risk assessment teams in cooperation with the management of the organisation.
We identify risks based both on the structure and operations from three angles: the probability of exposure, the importance of risks and the existence of internal control measures. As a result of the engagement, we present both a report and the risks categorised according to their levels and their hedging options.