FACT Group has extended its range of services on offer to clients with the introduction of Internal Auditing services.
The provision of these professional services includes advisory, risk management, internal audit and systems review to all types of organisations, whether private or public. With these services we feel we can help clients improve operations, manage risks and hence add value for both owners and stakeholders alike.
The internal audit needs of each organisation are unique. Due to demand for a high level of service and expertise, many organisations prefer to have us meet all of their internal audit needs under a continuous, full-service outsourcing arrangement. Under this arrangement, we perform various internal audit assignments and report our findings to the audit committee in order to assure the proper degree of objectivity and independence.
We utilise an internal audit methodology which focuses on the identification and assessment of risks faced by the entity, as well as on the continuous improvement of business processes in terms of control and efficiency. The primary step in any internal audit engagement is for us to obtain a comprehensive understanding of the organisation’s objectives, its risk management priorities, regulatory environment as well as the various needs of its critical stakeholders.
The internal audit methodology in use is a risk-based business process approach, which ensures that the right controls are built into the appropriate places within each relevant aspect of the organisation, inefficient controls are identified and eliminated and control gaps between business units or functions are identified and corrected. Testing procedures are used to validate control effectiveness in mitigating risks and helping the organisation achieve its objectives. It is understood that each client differs and therefore it is important for the internal auditor to understand the client’s key requirements and how these can be met in the most efficient and cost effective manner, whilst ensuring consistency, quality of service and most of all independence.
Throughout the various stages of our methodology, we plan to regularly report to the Board on the progress made in our assignment. The methodology applied ensures that appropriate focus is given to the application of appropriate controls in the higher risk areas. It also allows us to advise the Board on the effectiveness of its risk framework and risk management procedures. Moreover emphasis is placed on adding value to our clients by driving efficiency and effectiveness.
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