Internal audit is widely misunderstood as an inspection looking for mistakes. Its actual function is to give management an independent answer to one question: are the controls you designed genuinely working? Without that answer, you only discover where risk has accumulated once the loss has already happened.
In banking, regulatory pressure has made internal audit one of the most mature disciplines in the field. This engagement adapts that methodology to the scale and reality of companies outside the banking sector.
What This Service Covers
- Compliance testing against documented processes and procedures
- Assessment of the internal control system for both design and operating effectiveness
- Review of authority matrices, segregation of duties and approval mechanisms
- Fraud risk assessment across procurement, collection and payment processes
- Reporting of findings with risk ratings
- Actionable remediation recommendations and a follow-up plan
How We Work
- Risk assessmentWhich processes get audited is decided by risk weighting, not at random.
- Process mappingWritten procedure is compared against actual practice; the gap between them is usually the real finding.
- TestingControls are tested on a sample basis to confirm whether they operate as intended.
- ReportingFindings are reported by impact, likelihood and priority, in a form management can act on.
- Follow-upAgreed actions are re-checked on an agreed date to confirm implementation.
Who It Is For
- Mid-sized businesses with no in-house internal audit function
- Family companies moving towards institutional and professional management
- Organisations preparing for investor or partnership due diligence
- Companies with branch, dealer or field networks and limited visibility from the centre
This page describes the general scope of the service. For a proposal tailored to your company, request a free introductory call.
Book a call →Frequently Asked Questions
How long does an internal audit engagement take?
It depends on company size and scope; a single-process review takes two to three weeks, a company-wide assessment four to six weeks.
Will employees face disciplinary action as a result?
The purpose is to assess systems, not individuals. Findings are reported at process and control level; any personnel action is entirely at the company's discretion.
Is internal audit the same as statutory audit?
No. A statutory audit provides assurance on the accuracy of financial statements and has a legal framework. Internal audit assesses the effectiveness of processes and controls on behalf of management.
Who receives the report?
The report goes only to the management level the company designates and is covered by confidentiality obligations.