Internal Audit Processing

To ensure a comprehensive and effective internal audit process, we undertake the following key steps:

Risk Assessment : Our internal audit team evaluates the organization’s risk exposure to pinpoint areas that warrant detailed audit attention.

Planning : Guided by the risk assessment results, we develop a strategic audit plan outlining objectives, scope, timing, and resource needs.

Fieldwork: We conduct thorough audit procedures to assess the effectiveness of controls, verify compliance with relevant laws and regulations, and identify potential areas for improvement.

Reporting : We compile and document our findings in a detailed report, which includes our observations, recommendations, and responses from management.

Follow-Up : Our team monitors the implementation of corrective actions from previous audits to ensure they are effective and addressing the identified issues.

The internal audit framework for financial institutions also typically includes a quality assurance and improvement program, which is designed to ensure that the internal audit function operates effectively and provides value to the organization. This program includes ongoing monitoring of the internal audit activity, periodic reviews by independent parties, and implementation of appropriate corrective actions. Additionally, the internal audit function should be independent and objective, with sufficient resources and expertise to carry out its responsibilities effectively. This structured approach ensures that our internal audits are both rigorous and constructive, helping your organization enhance its controls and compliance.