International Standards for the Professional Practice of Internal Auditing requires companies to conduct an independent assessment of their internal audit function at least once every five years. External internal audit practitioners promote the establishment of cost-effective controls, assessing risks, and recommending measures to mitigate those risks. 

Implementing a risk-based approach can uncover potential organizational risks that may otherwise go undetected and provide management with a critical tool for gauging and assessing enterprise wide risk. This allows management to allocate the greatest amount of resources to the areas that will yield the highest return on investment and ensures that the organization has dedicated audit coverage for high risk areas.

Internal audit need is not be limited to assurance. In today’s era of slower economic growth, a high premium is placed on operational effectiveness and efficiency.  For example, internal audit could evaluate and challenge the design and operating effectiveness of the organization’s governance, risk management, and internal control processes.

We assist business streamline and improve its internal control to save effort while obtaining optimal risk coverage. We support companies to perform internal control over financial reporting testing against relevant regulatory standards, for example, Sarbanes-Oxley Section 404. Effective internal control reduces the risk of asset loss, and helps ensure that information is complete and accurate, financial statements are reliable, and the operations are conducted in accordance with the provisions of applicable laws and regulations. 

When internal control is effective, you have reasonable assurance that your business is achieving its financial reporting objectives. When it is not effective, you have little or no such assurance.