Internal auditing is the practice of advising organisations regarding how better to achieve their objectives.
Your organisations management are responsible for the internal control of your entity. Managers are the ones who establish policies and procedures to help the organisation achieve specific objectives in each of these categories. Our internal audit team would perform audits to evaluate whether or not the policies and procedures in place are designed and operating effectively and provide recommendations for improvement.
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.