What it is
Internal audit and controls review are independent assurance services that ensure the effectiveness of an organization’s internal controls processes, and compliance with policies and procedures, operations, risk management, and governance.
Internal audit and controls review help an organization realize its objectives and improve its operations through monitoring, evaluating, and analyzing its data and business structure and processes. It also helps spot issues before they grow into major problems.
How it affects your business
If your business offers a trustworthy, high quality, transparent array of services, then you have established a business utopia. However, the question that still remains is: is your business 100% risk-free?
Internal control review is an evaluation of your organization’s systems. It directs, measures, and protects your resources effectively. The assessment also helps identify internal controls deficiencies for the organization to take further corrective actions.
Whereas internal audit ensures that your business is risk-free by identifying and detecting any risk and eliminating it, abolishing any chances of this risk turning into a serious problem. It mainly evaluates the effectiveness of your company’s system and helps reveal any sign of fraud or inefficiency.
By handling risk, internal audit allows you to offer quality and excellence in an environment of trust and confidence.
For trusted internal audit and controls review, XB4’s team of experts will perform consistent audits according to a schedule, assessing and analyzing your business operations to make sure they are consistent with your objectives and comply with internal policies. They will also:
- Assess and evaluate risks
- Divide duties among different people to reduce risk of error
- Assign a person with approval authority
- Review your records frequently to make sure transactions are accurate and proper
- Ensure that your assets are secured compared to the descriptions in your records
- Provide appropriate training, guidance, and supervision to employees