Internal Audit
We conduct detailed internal audits, by reviewing your financial records, compliance practices, and operational processes helping us identify gaps, improve controls, and to ensure that your business aligns with necessary and specific regulatory standards.
Internal audit serves as a strategic tool for enhancing an organisation's control environment, risk management framework, and overall governance. Businesses can increase operational efficiency, evaluate the efficacy of internal controls, and protect assets from fraud and poor management by using this methodical, disciplined approach. Internal audits detect and reduce risks in financial, operational, and IT systems through routine evaluations, which assist organisations in achieving sustainable growth in addition to maintaining regulatory compliance. The purpose is to improve business operations by making sure that procedures and systems meet legal requirements while also being in line with the organisation's objectives.
An efficient internal audit assesses important risk areas and gives management useful information for defensible decision-making. Long-term resilience depends on the organisation's governance system, which internal audit supports by carrying out risk assessments, assessing control operations, and monitoring compliance standards. In order to ensure a comprehensive approach to tracking organisational performance, the scope frequently includes IT audits, operational assessments, and compliance audits. Internal audit establishes a strong control environment that improves transparency, lowers vulnerabilities, and bolsters stakeholder confidence through thorough assessment and ongoing development.
Our Services
Our internal audit services are intended to improve risk management, enhance your company's control system, and guarantee adherence to internal and regulatory standards. We extensively assess, track, and optimise processes in the operational, financial, and IT sectors using a data-driven methodology. We make sure every service we offer is in line with your business objectives and supports a strong governance framework by giving each function our full attention.
| Services | Description |
|---|---|
Risk Assessment and Planning |
We conduct a comprehensive risk assessment across financial, operational, strategic, compliance, and IT functions to identify and prioritise potential risks. Our tailored audit plan focuses on high-risk areas, safeguarding assets, and optimising key processes for enhanced risk mitigation. |
Internal Control Evaluation |
Our evaluation includes a thorough review of governance structures, ethical standards, and essential control activities such as authorisation, reconciliation, and segregation of duties. This ensures robust internal controls that support compliance and mitigate operational risks. |
IT Audit |
We assess cybersecurity threats, data integrity, and IT compliance with frameworks like COBIT, ISO/IEC 27001, and NIST RMF. Our IT audits cover access control, encryption protocols, and incident response to fortify your organisation’s digital security. |
Operational Audits |
Our operational audits identify inefficiencies and recommend process improvements. Through performance audits, we evaluate productivity and cost-effectiveness, providing actionable insights that drive efficiency across all organisational functions. |
Compliance Audits |
We help ensure compliance with relevant regulations and industry standards. Our compliance audits include policy reviews and procedural documentation, which minimise penalty risks and enhance organisational reputation through adherence to regulatory requirements. |
Fraud Detection and Prevention |
We conduct fraud risk assessments to pinpoint high-risk areas and implement preventive controls. Our investigative services provide thorough evaluations and solutions to detect and address fraud within the organisation, protecting your assets and reputation. |
Reporting and Follow-Up |
Our detailed audit reports outline identified risks, control gaps, and actionable recommendations, including timelines for corrective actions. We conduct follow-up audits to confirm effective implementation, ensuring ongoing improvement and a strengthened control environment. |
Why Choose Benchmark
For organisations looking to maintain compliance requirements and maintain a solid control environment, selecting the appropriate internal audit partner is essential. Benchmark provides a proactive approach to risk identification and mitigation together with a thorough awareness of industry regulations. Our methodical approach and committed staff guarantee comprehensive evaluations and insightful suggestions that complement your company's goals.
- Expertise in complex audit frameworks
- Proactive risk identification and mitigation
- Streamlined processes for minimal disruption
- Customised solutions tailored to specific business needs
- Comprehensive knowledge of regulatory standards
- Client-focused approach with ongoing support
- Use of advanced audit tools and methodologies
- Commitment to transparency and integrity
Internal Audit Checklist
Preparing for an internal audit involves organising key documents, aligning team responsibilities, and reviewing critical processes. A well-prepared checklist ensures a smooth, efficient audit process and maximises the value of the insights gained. Below are essential items to include in your internal audit checklist:
- Gather Financial Statements and Records
- Compile Internal Policies and Procedures
- Prepare Previous Audit Reports and Findings
- Collect Risk Assessment Reports
- Ensure Availability of IT System Logs and Security Protocols
- Review Compliance Documentation for Relevant Regulations
- Assemble HR and Payroll Records
- Gather Contracts with Vendors and Clients
- Assign Team Members for Document Review and Coordination
- Verify Inventory and Asset Management Records
- Identify Key Areas of Control for Testing
- Schedule Pre-Audit Meetings with Department Heads
Documents Required
We need access to important documents that throw light on the procedures, finances, and control systems of your company in order to conduct a comprehensive and successful audit. These records facilitate a thorough audit that complies with business and regulatory standards by assisting us in identifying risk areas, assessing compliance, and reviewing operational efficiency.
| Documents | Details |
|---|---|
| Financial Statements | Includes income statements, balance sheets, and cash flow statements to assess financial health and identify any discrepancies or risks. |
| Internal Policies and Procedures | Outlines operational standards, compliance requirements, and control mechanisms that guide organisational practices. |
| Risk Assessment Reports | Previous risk assessment findings and reports to understand existing risk management strategies and control measures. |
| IT System Logs | Provides records of system access, user activity, and incident reports to evaluate cybersecurity and IT control measures. |
| Compliance Records | Documentation of adherence to regulatory standards, including evidence of compliance with industry-specific regulations and laws. |
| Previous Audit Reports | Past audit reports to review recommendations made and assess the implementation of prior audit findings and corrective actions. |
| Inventory Records | Includes records of inventory management, purchase orders, and stock assessments to verify asset control and operational efficiency. |
| HR and Payroll Documentation | Employee records, payroll summaries, and related HR documents to assess internal control over staffing, payroll compliance, and benefits management. |
| Vendor and Client Contracts | Agreements and contracts with vendors and clients to evaluate contractual obligations, compliance, and potential financial or operational risks. |
Our Process
Our internal audit process is a structured, multi-phase approach that ensures a comprehensive assessment of your organisation's risk management, control environment, and compliance. Each step is intended to help you improve your overall governance structure by identifying important concerns, providing practical advice, and tracking your progress.
These are the steps we follow in our Internal Audit Process, designed to identify risks, ensure compliance, and optimise operational efficiency:
- Step 1: Initial Consultation and Scope Definition
- Step 2: Risk and Control Identification
- Step 3: Audit Planning and Execution
- Step 4: Data Collection and Analysis
- Step 5: Audit Reporting and Feedback
- Step 6: Post-Audit Follow-Up and Monitoring
Non-Compliance Issues
An organisation's operational integrity, financial stability, and reputation can all be negatively impacted by non-compliance with legal obligations and internal control standards. By guaranteeing adherence to compliance requirements and establishing the control environment, an efficient internal audit is crucial to preventing these risks. Without a strong internal audit system in place, organisations may encounter the following key non-compliance issues:
- Financial Penalties and Legal Liabilities
- Operational Disruptions and Inefficiencies
- Reputational Damage
- Increased Risk of Fraud and Mismanagement
- Reduced Stakeholder Confidence
- Vulnerability to Cybersecurity Threats
Conclusion
Maintaining operational effectiveness, improving risk management, and guaranteeing regulatory compliance all depend on a well-conducted internal audit. Organisations can avoid costly non-compliance concerns, improve stakeholder confidence, and promote sustainable growth by proactively resolving control deficiencies and simplifying processes. Our all-inclusive internal audit services offer practical insights that enable your company to protect assets, make wise decisions, and succeed over the long haul.
Get in Touch
Connect with us today to learn how our expert team can tailor internal audit solutions to meet your unique business needs.
FAQs
What areas does an internal audit typically cover?
Internal audits commonly assess financial controls, operational efficiency, IT security, compliance, and risk management practices across various departments.
Are follow-up audits necessary after implementing recommendations?
Yes, follow-up audits help ensure that recommended improvements have been effectively implemented and sustained, maintaining a robust control environment.
Can internal audits help prevent fraud?
Absolutely. Internal audits include fraud risk assessments and control evaluations to detect vulnerabilities and prevent fraudulent activities within the organisation.
What standards and frameworks do you follow in an internal audit?
We adhere to recognised frameworks, including COSO for internal controls, ISO 31000 for risk management, and COBIT for IT governance, ensuring best practices in every audit.
Do internal audits cover cybersecurity risks?
Yes, IT audits are an integral part of our internal audit services, addressing cybersecurity risks, data protection, access control, and compliance with IT standards like ISO/IEC 27001.
