Internal Auditing is one of the most important tools in a large enterprise’s toolbox for making decisions. Only by stakeholders and decision-makers obtaining a clear and accurate picture of the operation and performance of the enterprise at all levels, can effective and relevant management decisions be made. Is your business living up to your vision for it?
The Institute of Internal Auditors (IIA) defines Internal Auditing as follows:
Internal auditing is an independent, objective assurance and consulting activity designed to add value to and improve an organisation’s operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluating and improving the effectiveness of risk management, control and governance.
Businesses are becoming increasingly large and complex, and management faces ever increasing difficulty exercising control over the reliability and efficiency of their organisations’ operations. An Internal Audit function affords stakeholders peace of mind regarding whether their vision for the organisation is being implemented. Internal Auditors examine and evaluate policies, procedures and systems that are in place, ensuring that those safeguard the reliability and integrity of information and assets, as well as promote the economical and efficient use of resources. Internal Audit will also confirm whether policies, plans, legislation and regulations are being complied with at every level of an organisation.
Internal Auditing is invaluable to any large organisation, as it identifies and analyses areas for improvement and fine-tuning, and well as highlighting any potential non-compliance with the policies and procedures relevant to the activities and environment of the organisation. Internal Audit brings a systematic, multi-disciplined approach to evaluating and analysing the internal controls of a business, while considering the unique risks and challenges the given organisation faces. It will also assess the governance environment of the organisation, and report on how well policies and regulations are being complied with. Simply put, Internal Audit helps you to run your business optimally, and provide insights on best practice. The resulting recommendations can be relied on to promote the successful and fruitful running of your business.
Internal Audit activities can be performed by an in-house Internal Audit team if an organisation chooses to maintain its own Internal Audit function, or it can be outsourced to specialist firms such as ORCA. ORCA has a proven and compelling track record as Internal Auditors with an uncompromising approach to quality, service and excellence. ORCA can assist with any outsourced Internal Audit needs, or even assist with co-sourced projects, whereby ORCA works side by side with your Internal Audit team to achieve the audit outcomes. In such circumstances, ORCA takes pride in fostering the growth of expertise and capacity of the in-house Internal Audit functions, ensuring the client’s on-going audit environment is upskilled and strengthened.
Ensure your business is strategically positioned for success with ORCA.