How we can help
- Set objectives and reporting responsibilities before fieldwork.
- Prioritise significant risks and test how controls operate in practice.
- Track agreed actions to an owner and completion date.
Focus attention where the risks are
Internal audit helps management and those charged with governance evaluate how processes and controls operate. A useful review has a defined purpose, clear access to evidence and a reporting route that supports objective findings.
Saif Chartered Accountants can help review operational and financial processes, identify control gaps and agree a risk-based work programme. The scope may focus on a particular function, project or set of risks.
What the engagement can cover
Process walkthroughs; authorisation and segregation-of-duties checks; procurement and payments; sales and collections; inventory and asset controls; financial close procedures; and compliance with agreed internal policies.
Findings should explain the condition observed, the risk, the underlying cause and a practical recommendation. Management responses, action owners and target dates make the report useful after the review finishes.
Plan the review
Identify the process owners, key systems, relevant policies, recent incidents and previous findings. Agree the reporting audience, confidentiality arrangements, sample periods and access to records.
An internal audit does not replace management’s responsibility for controls or an independent financial statement audit. Its value depends on an appropriate scope and follow-through on agreed actions.
YOUR NEXT STEPS
A practical way forward
- 01
Step 1
Define risks, objectives and the review programme.
- 02
Step 2
Walk through the process and test selected controls.
- 03
Step 3
Discuss findings, report recommendations and agree follow-up.
CLEAR ANSWERS
Frequently asked questions
Is internal audit the same as an external audit?
No. Internal audit focuses on the agreed processes, controls and risks. An external financial audit has a different objective and reporting framework.
Can a review cover one department?
Yes. A focused scope can cover a process or function, with its interfaces and limitations documented in advance.
