What is internal audit?
Internal audit is the process of assessing a business’s risk management and internal control procedures and finding ways to help it to operate more effectively. For small and medium sized businesses, it simply isn’t practical to have an internal audit department. However, that doesn’t mean that you have to go without. Our team can provide internal audit service which we can customize to meet the size and needs of your business.
Services we can offer
Risk management – We can perform an in-depth analysis of your business’s risk profile to produce a risk register for your business. This will set out the key risks to your business, assess their potential impact and also the likelihood of them having adverse consequences for the business. It is inevitable that for all businesses, there will be risks that can’t mitigated, either because the solution is too expensive or the risk too remote. However, by identifying the risks that really matter to a business, managements’ efforts can be focused on the solutions which will have the biggest and most cost-effective impact.
Review of internal control procedures – a review of your internal control procedures should start by identifying the key risk’s that the business faces. We will then look to identify the key controls that the business has in place to address these risks and perform testing to determine both whether they work effectively in addressing the risks that they are indented to address and whether they are operating as intended. From the results of this work, we can provide a detailed report of the weaknesses in the business’s controls and make recommendations of both new controls and ways to improve the existing controls. We can also assist with the implementation of improvements to your controls.
If you would like to discuss further how Elver Consultancy can help your business please call us now on 01942 725419 to arrange an initial free consultation or enquire online.