Internal audit is an independent management function, which involves, a continuous and critical appraisal of the functioning of an entity with a view to suggest improvements thereto and add value to and strengthen the overall governance mechanism of the entity, including the entity’s strategic risk management and internal control system.
An internal audit is a key part of an organisation’s corporate governance process. It ensures that internal controls, risk management and governance are being effectively managed and that compliance obligations are being met.BDM Consultancy's specialist team of internal auditors provides a high quality, responsive service, gaining a full understanding of a client’s business at the start of the process. The aim is to look beyond purely financial risks and to consider the wider issues affecting the organisation’s business processes and procedures.
Working closely with clients’ management teams, we provide independent assurance that key business risks are being appropriately managed and that the internal controls framework is working effectively.
Conducting discussions with senior management, analysing risk strategies and reviewing the policies and procedures manuals are just some of the tasks we carry out. These enable us to report on the effectiveness of the control environment as well as the entity’s compliance with the statutory requirements.
We will then make recommendations as to efficiencies that can be made, including improvements to the internal controls.
Internal audit helps for:
Design and implement internal controls
Efficient utilisation of the funds
Safeguarding of the assets
Review of operations, accounting systems and procedures