An effective internal control system provides reasonable confidence in the reliability of financial and operational information, compliance with regulatory requirements, improves control over the assets of the organization and reduces the likelihood of fraud. It helps to increase investor confidence and reduce costs, including external audit.
An internal audit service is a reliable partner and management advisor that helps not only to identify the obvious and hidden risks that your organization faces in today's unstable and destabilizing conditions, but also confidently manage them to achieve high performance results.
We are ready to provide the evaluation on the maturity of your internal control system, corporate governance, risk management system and internal audit function based on international standards and best practices using out special tools and assist you in the improvement of these systems and functions to reduce or prevent risks and achieve goals.
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- Creation or transformation of internal audit service
- Expert support of internal audit service
- Development of methodology documents
- External independent evaluation of the internal audit function
- Outsourcing or co-sourcing of internal audit service
- Seminars and short-term training events
- Diagnosis of the internal control system
- Optimization of business processes and internal controls
- Adoption and evaluation of the effectiveness of internal control system according to requirements of SOX
Creation or transformation of internal audit service
If your organization's management and audit committee start to think about the need to create an internal audit service or to improve an existing service based on best practices in this area, but you do not know where to start, we can help you determine which internal audit service is appropriate particularly for your organization.
We offer an individual approach to the solution and help our clients to identify the goals, objectives and key performance indicators of their internal audit service, determine the necessary organizational structure and composition of specialists, develop basic regulatory and methodological documents and a roadmap for the development of the internal audit service.
Expert support of internal audit service
If you are required to conduct internal audit in a new area and need expert support from the specialist or you need to develop an audit program for specific activities and business processes of your organization or if you need help in forming approaches to carry out internal audit engagements in accordance with best practices, our internal audit experts and specialized experts can help you in solving these problems.
Development of methodology documents
All internal audit services, including newly created and existing in the organization for many years face the need to create, update and improve the regulatory and methodological documents of internal audit. We can help you to create or finalize the internal audit documents, including regulations on internal audit service, audit committee, job descriptions, quality assurance and improvement program, methodology for risk-based planning of the internal audit function, methodology for conducting internal audit in accordance with the requirements of international and local standards and the best practices.
External independent evaluation of the internal audit function
If you are only planning an external evaluation in the future and do not know where to begin your preparation, we can conduct a diagnostics of the current state of your service and help identify the main areas which require attention, develop necessary recommendations and prioritize.
If you plan an external evaluation of the internal audit function, we can offer various options for this assessment in accordance with the International Professional Standards of Internal Audit, also including correspondence analysis of your internal audit service with the expectations of key stakeholders, benchmarking of your service with other Kazakhstani and foreign companies, determine the overall level of maturity of your service, and develop recommendations for further improvement of its activities.
Outsourcing or co-sourcing of internal audit service
Our team of professionals can provide support to your internal audit function by performing internal audit services based on your request. We can help you to analyze different business processes, IT systems and test effectiveness of your control procedures. By using the work of our experts, you can increase the level of independence of internal audit results.
If you need additional professionals in your internal audit team, we can provide co-sourcing service for the time agreed. Employees for internal audit co-sourcing are chosen specially to meet your requirements.
Seminars and short-term training events
We provide the following trainings on internal audit matters:
- Risk-based approach to internal audit,
- How to prepare an effective audit report,
- Internal control system optimization,
- Practical aspects of internal control,
- Analysis and optimization of business processes.
All the trainings have modern theoretical aspects and a significant practical part. Also we offer training and organize seminars on issues of your interest in the field of internal audit based on your request.
Diagnosis of the internal control system
The diagnosis of the internal control system includes:
- description of actual business processes and internal control system, creation of control procedure matrixes;
- diagnostics of control procedures in business processes and information systems, including evaluation of design effectiveness and sufficiency of control procedures for goal achievement;
- diagnostics of current organization of general computer control in used information systems;
- analysis of corporate control methods;
- analysis and assessment of corporate policies, procedures, regulations and business processes description relevance;
- checking the rights and authorities separation in business process and information systems.
Diagnostics allows to create a clear picture of current business processes organization and internal control systems, directions of further optimization.
Optimization of business processes and internal controls
The services for business processes optimization include:
- analysis and description of actual business processes, risks and internal controls;
- preparation of business processes and control procedures optimization plan;
- participation in the implementation of information systems and business processes automatization in order to build an effective internal control system;
- recommendations for increase of general computer control effectiveness in information systems;
- optimization of duties and authorities;
- unification of business processes in organizational units;
- implementation of business processes and internal control system changes;
- employee training and consulting support.
Adoption and evaluation of the effectiveness of internal control system according to requirements of SOX
Such services include:
- presentation to the management of the existing regulatory requirements for the internal control system;
- assessment of risks and their significance, risk mapping;
- diagnostics of internal control system in business processes and information systems, evaluation of corporate control methods;
- preparation of diagrams, descriptions, risk and control matrices, both actual and expected;
- recommendations on correcting deficiencies and strengthening the control environment;
- preparation of an action plan to address identified shortcomings;
- consulting support during the elimination of identified shortcomings;
- assistance in self-assessment of the internal control system;
- development of policies, procedures and other internal control documentation;
- employee training on risk assessment methods, analysis and description of internal control system, self-assessment of internal control system, development of testing plans and results documentation.
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