Today, in the face of economic uncertainty, companies around the world are faced with the need to maintain financial stability and competitive advantage in the market. At the same time, the service sectors are the first to suffer. In such a situation, the internal audit service can come to the aid of the business. A…
The essence of the internal audit activity is to provide guarantees and consultations to customers. At the same time, the scope of providing guarantees and advice has significantly expanded in recent years and includes the following main areas: risk management, internal control, and corporate governance. Why is it needed? Many factors determine whether a company…
Internal audit can become one of the most effective tools for identifying opportunities for improving business efficiency and, therefore, one of the company’s competitive advantages. Internal audit is in vogue today, and many managers and owners would like to implement it in their companies, often not fully realizing the enormous potential that it has. Simultaneously,…
Any entity which is incorporated with an objective to earn profit has certain responsibilities towards itssuppliers, customers, investors, lenders, employees, and other stakeholders. According to their requirements, they are interested to track the developments in the entity which can be best informed to them by means of formal disclosures. These disclosures are broadly of two…
Auditing for a company is quite important because it has a big influence on the activities of the company concerned. To ensure that your company has a good risk management approach and internal control, the best option is to take the help of Internal Audit Consulting Firms because the experts working at these firms have years of…
Every entrepreneur must learn from the past, applying the lessons learned to take advantage of the present, to protect and build the future. Information is the key to success, along with experience gained over the years and ever-evolving skills. The Internal Audit Consulting Firms have the role of making available the real state of the company, through…
Internal audit is an independent, objective activity of providing recommendations and consulting services, which should benefit the organization and improve its activities. An Internal Audit Consulting Firm helps the organization achieve its goals through a systematic, streamlined approach to assessing and improving the processes of risk management, control, and corporate governance. The key function of…
Checking the internal control system is the most frequent task. Several types can be distinguished here: financial audit, operational audit, compliance audit (compliance audit), audit of information technology (information systems), audit in the field of environmental protection. A financial audit is an audit of the accounting and financial reporting control system. It aims to ensure…
We are more than aware of the challenge that the ongoing COVID19 situation has thrown at us. The impact has been so sudden that the business as well as audit teams were compelled to change the fundamental way of working overnight. As the auditing teams were working remotely, the other vital cogs within the auditing…
