INTERNAL AUDITS
The actual scope of an internal audit can be quite broad however management can determine the scope of such reviews to concentrate on what they believe to be particularly problematic areas, generally the topics may encompass such issues as efficiency of operations, financial reporting reliability, deterring & investigating fraud, safeguarding the company’s assets and ensuring the organisations policies & procedures are compliant with all government agencies laws & regulations.
Xcel Accounting can provide internal auditing function to your entity to report to directors regarding how better to execute their responsibilities in order to have maximum impact for the organisation.
Establish and communicate the scope and objectives for the audit to appropriate management.
Develop an understanding if the business are under review. This includes objectives, measurements and key transaction types. This involves review of documents and interviews. Flowcharts and narratives may be created if required.
Identify control procedures used to ensure each key transaction type is properly controlled and monitored.
Develop and execute a risk-based sampling and testing approach to determine whether the most important controls are operating as intended.
Report problems identified and devise action plans with management to address the problems raised.
Follow up on reported findings at appropriate intervals. Xcel Accounting will create a follow up database specific to your organisation for this purpose.
