Internat Audit Consultancy

Internal Audit and Risk Management Consultancy

Internal Audit Consultancy

Internal Audit and Risk Management Consultancy
An internal audit function is not a statutory requirement, however, it can be a very useful tool for reviewing, improving and ensuring your organisation has effective internal controls and management information systems. Briefly, it is an internal audit of all of your organisation's internal control systems, financial and non-financial.

The Institute of Internal Auditors approved the following definition of Internal Auditing in 2002:

"Internal auditing is an independent objective assurance and consulting activity designed to add value and improve an organisation's operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes."

I can carry out an organisational health check covering management information systems, financial review, internal control review and risk management as detailed below.

There is new guidance on ways to protect organisations from fraud and financial abuse. I can work with directors/managers to ensure that procedures are updated to reflect the guidance.

RISK MANAGEMENT

In these uncertain times it is more important than ever to be able to identify the risks and opportunities that organisations face. Having worked in the charitable sector as an internal auditor I know how time consuming it can be to formulate and keep “live” an active risk assessment process.

Best practice advises that organisations should

Regularly review and assess the risks faced by their organisation in all areas of its work, and plan for the management of those risks. Risk is an every day part of business activity and managing it effectively is essential if Directors/managers are to achieve their key objectives and safeguard their organisation's funds and assets.

As a member of the Institute of Risk Management I can work with you to help identify the circumstances or events that would prevent an organisation achieving the goals and objectives set out in the business plan or strategy. Risk management should not be a purely negative process, if organisations do not take risks they do not do anything. The risk assessment process involves looking at the relative risks of providing particular services and to what extent those risks can be offset or mitigated. This process often identifies opportunities as well as risks.

The process involves: -

Review of the business plan and or strategy to identifying the business goals and objectives
Identifying the risks that the objectives will not be achieved and opportunities arising
Scoring those risks as to the impact should the event occur and the likliehood of it occurrence
Reviewing any controls/procedures already in place to offset the risk and considering whether these controls are adequate. If not what further measures can be taken and how effectively would these new measures reduce the risk.

This approach enables organisations to concentrate on the high scoring risks and keep them under review. If you feel that your own or any of the organisations you work with would benefit from some assistance with their risk managment processes please contact me and we can discuss matters further.

If you’d like to discuss how our accountancy services could be of benefit to your business, please contact Patricia on

Email: patti@goulbornaccountancy.com
Tel: 0151 677 4658
or use our Contact Form