Internal Audit Services
There has always been a significant change in the regulatory and corporate governance environment which in turn changed the value definitions and expectations placed by stakeholders on the internal audit function. With new standards that emerge, it is very difficult for the board members to think about the roles, responsibilities and relationships between risk and compliance activities. There comes the need for internal audit services to set up the corporate governance functions and support in the growth of the organization.
What is Internal Audit Services?
Internal audit services is a kind of objective assurance and consulting service that can add value to an organization and also aid to major improvement in the business performance. Internal audit service helps an organization to accomplish business objectives by adopting a systematic and strategic approach towards evaluating and improving the effectiveness of risk management, governance and business control. This kind of audit service helps the management to handle enterprise risks effectively.
How S3 Solutions Can Help You?
S3 Solutions offer a global based approach to provide internal audit services to clients. A risk-based strategy is always followed by the organization to address the client objectives and also the limitations that lie ahead of the objectives.
- Our team of expert professionals focuses on areas of great importance to the organization and leaves no stones unturned to offer the best of solutions.
- The approach behind internal audit services is always scalable, flexible and tailored to the suit the needs of an entity.
- From setting up internal audit function, developing risk based assurance plans to providing training to internal audit personnel; S3 Solutions offer the best of services in every single aspect in this domain.
We at S3 Solutions believe in involving clients in the entire risk assessment process along with the resulting outcomes of the procedure. By leveraging the advances in technology and following the best industrial methodologies, we at S3 Solutions improve the insights and efficiency of an organization seamlessly.
Please do “Call Us : +91-7676887733 or Email us : email@example.com” for your requirements related to internal audit services, management audit services, internal auditing services, project management audit, forensic audit services and audit services.
Internal Audit Services offered By S3 Solutions Are:
Some of the areas which get covered in the management audit solutions offered by us are :
- Implementation of the most appropriate internal control and internal check and internal audit systems
- Study of wastage and leakage at various levels
- Cost reduction and cost management solutions
- Selective audit of large expense heads & outflows
- Fraud prevention and detection systems
- Ensuring implementation of systems and procedures to ensure that credit is taken in respect of input Excise, service tax, VAT, etc
- Test check of payroll
- Study of Business Performance Measurement systems
- Special Investigations involving study of specific transactions
- Study of the risk profile of the customer
- Development of an appropriate accounting and audit manual
- Development of a process manual
- Handling forensic audit assignments
- Handling stock audit for our clients
We also offer management audit services and compliance audit services, to our clients.
Types of Internal Audit Services
The Internal Audit Department at S3 Solutions can offer an array of audit services which include financial audits, consulting and advisory audit services, compliance audits and others. The following list below talks about the type of audit services offered by S3 Solutions.
- Financial Audits
- Compliance Audits
- Operational Audits
- Information Technology Audits
- Consulting and Advisory Services
- Investigation Services
- Financial Audits: The audit programs are developed to assess and evaluate the financial reports of different transactions and activities. The objective is to ensure that the gamut of financial operations must be clearly reflected in the financial reports. Some aspects of financial audits are procurement, authorization and approvals, segregations of dittoes, reviews and reconciliations.
- Compliance Audits: This type of audit service stresses on compliance risks and also the mitigation plans. The function usually promotes awareness of the current and emerging rules that an organization needs to be compliant with.
- Operational Audits: The operational audit objective is to determine whether the operations of an organization are functioning properly, effectively and in alignment with the management rules and regulations. This type of audit usually assesses risks and also evaluates the internal control for operations of departments and also the organization.
- Information Technology Audits: Audit programs of this type are developed to asses and evaluate the internal control and security inherent in the organization. It also determines the effectiveness of the risk management associated with the organization. The audit is basically done to evaluate system processing control, data security, physical security, system development procedure and other system requirement.
- Consulting and Advisory Services: Consulting and advisory services include risk assessment, business process analysis, data analysis, information technology assessment and others. Our teams of deft professionals are well skilled in consulting services regarding new system implementation, process design initiatives and policy changes.
- Investigation Services: Special investigation services are the kind of audit services based on the complaints received through internal and external resources. Policy violation, conflict of interest, inappropriate activity, manipulation of records, fiscal misconducts are some of the parameters checked.
What Action Should Be Taken Under Internal Audit Services?
To make internal audit functions to be effective, business require suitable skilled resources that can provide assurance regarding the risks organizations might face. Flexible and scalable the resources must be tailored to cater the needs of businesses. To get access to resources, the following points needs to be stressed on:
- Organizations should determine whether the in house team is capable of handling company risk profile and also manage future audit plan.
- Leverage the best industry practices and able to provide valuable insights.
- Must be able to question the audit plan and overall risk management framework of the organization.
Not always this can be feasible for businesses. It is not feasible or cost effective for many organizations. There comes the need for S3 Solutions to offer reliable services in this domain. So reach us to get the best of services, as we come up with the best possible solutions and methodologies to assess the risk associated to your business.
Is your Internal Audit Function (IAF) Adding Value to the Business and Delivering the Value You Expect?
Not all organizations are happy with their companies IAF (Internal Audit Function). It has been seen that board members and CEOs are expecting more from their in-house Internal Audit Function and they consider it to be a strategic tool for their businesses. IAF is not only about regulatory compliance and assurance on internal controls; it is more than that where IAFs must be able to add value to organizations. Going beyond conventional methodologies, Internal Audit Functions must be able to figure out improvement opportunities that can have a high impact on the businesses.