During the course of day-to-day operations of a business, times of change or increased governance responsibilities, any type of risks can arise which need to be managed timely.
An internal audit function is essential in an organization’s system for checks and balances and is a valuable tool for boards and audit committees. It helps to identify how risks are managed as well as whether the right processes are in place and agreed procedures are being followed.
A successful internal audit also adds value to your organization by identifying opportunities for innovation or greater efficiency.
Systematic, independent assessment:
MHSS internal auditors can work with you to systematically review systems and operations across areas that have an impact on the effective operation of your business.
- To review the board of directors and sub-committee charters
- To review the strategic planning or corporate planning processes
- To assess the board controls including delegations and policy setting
- To assess board and/or sub-committee performance including fitness and proper assessments for individual directors
- To manage the conflicts of interest
- To prepare independent performance evaluations/audit of specific activities
- To assess or implement fraud control strategies
- To assess complaints about management processes
- To investigate allegations and complaints
- To assess corporate culture to risk assessment and its management
- To facilitate risk assessment and identification workshops
- To review risk management frameworks and policies
- To review risk management treatments for effectiveness
- To review risk management reporting systems
- To assess control environments of business entities
- Risk assessment and testing of internal controls for business cycles such as revenue, expenditure, payroll and asset management
- To assess and test general computer and application computer controls
- Assessing compliance with legislative or policy requirements
- To manage fraud risk including advising on detection and prevention of fraud
Minimizing the potential for risk:
Our recommendations are designed to assist you to improve systems and procedures to achieve greater efficiencies, as well as provide assurance that you are minimizing the potential for risk.
Our demonstrated track-record:
MHSS has provided internal audit services to many business entities and has developed extensive experience in implementing systems and process to improve organizational performance.
We can help business entities to achieve their business objectives through implementation of our recommendations.
We would be delighted to discuss how we can help you, and your group or company. Please get in touch and contact MHSS at [email protected] or alternatively, contact our office directly.