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Internal Audit Services in Malaysia
In general, accounting and auditing are both essential branches in business finance. Accounting is defined as the systematic process of recording and presenting the company financial data while financial auditing is defined as the process of reviewing an organization’s financial records to determine if they are accurate and compliance with laws and regulations.
What is Internal Audit Service?
Auditors are always the people that the company’s procedures comply with laws. They are the extra pairs of eyes that refine the accounting efficiency with the establishment of both risk management and compliance management.
As the name implies, external auditors come from outside a company while internal auditors are permanent staff responsible for ongoing review of financial operations and processes. Internal auditing is not only about establishing compliance measurement but also involve advising the senior management and Board of Directors (or other similar oversight group) on how to better execute their roles and responsibilities. In other words, internal auditors are important to an organisation to evaluate the effectiveness of the organization and protect the organization against risk.
Why Does Your Business Need Internal Audit Service?
Your business needs the internal audit service to:
- Comply with corporate governance requirements
- Review organisations’ efficiency.
- Assess organisation’s Enterprise Risk Management (“ERM”) system to determine good practices and risk management compliance requirements.
- Develop an ERM system.
- Review internal audit function (its function, practices and board of directors’ expectations)
- Improve internal controls.
The Benefits of Internal Audit Service
Statutory audit focuses on financial statements and performance of a company while internal audit focuses on a company’s business operations through the review and management of corporate governance, internal controls and risk management.
As such, having internal auditors in an organization will bring a multiplicity of benefits to the management of the organization. It articulates the management’s responsibility [for internal controls and how internal audit might play a role] in assisting management to fulfil the responsibility. The benefits of internal audit are as follow:
- Improves the “control environment” of the organization
- Identifies redundancies in operational and control procedures
- Provides recommendations to improve the efficiency and effectiveness of procedures
- Serves as an Early Warning System, enabling deficiencies to be identified and remediated on a timely basis
- Assisting companies to set up and implement internal audit methodologies.
- Assisting companies to detect potential risks.
- Increases accountability within the organization.
What Can We Do For You?
Our professional team understands the importance of efficiency and accuracy. We strive to understand your business objectives so that we can deliver appropriate compliance services that ensure the sustainability and business growth. Hence, our internal audit solutions will help you to establish relevant internal control, review risk management framework, as well as review due diligence and corporate governance, all of which, with our experienced audit personnel.