Risk Based Internal Audit
Why Internal Audit Matters?
In order to run your business, you develop processes to manage the factors that drive performance and help control internal and external risks that could prevent you from meeting your objectives. We focus on those processes where significant risks have been identified and discuss with management its perception of how these risks are controlled. This phase of our work enables us to obtain information on the processes supporting the achievement of the company’s goals.
Riskpro's Risk Based Internal Audit Methodology
Riskpro provides flexible internal audit services. We can be involved either or out-sourced basis or as an integral part of your organization or a mix of the two ends. Whichever structure suits you best, our services will be top class and provided by knowledgeable professionals with deep industry expertise.
• Conduct diagnostic study and gap analysis of present System.
• Developing and implementing an enterprise wide integrated Internal Control Framework
• Formulation of Internal Control policy & User Manual of the Organization.
• Establishing a Common Internal Control Culture.
• Defining Internal Control Objectives and linkage of the same with the Corporate Objective and Business Plan.
• Identification & Classification of Risk
• Establishing detailed process covering mainly the risk assessment, risk management and risk monitoring mechanism.
Key benefits of our methodology
The key benefits of our audit approach are:
- Risk-based, & systematic approach;
- Focus on areas considered as potentially & most likely to lead to material errors in financial statements;
- Our audit control procedures are based on project planning techniques, including the use of automated processes and document templates, and the agreement of objectives, timetables, responsibilities and careful resource planning;
- The focus of our reports are to generate constructive and value added advice; and
- Identifies performance improvement and cost reduction opportunities.
- Improves audit effectiveness and efficiency by shifting the function from a policing activity to one that contributes effectively to managing risk and achieving wider organizational goals.
- Involves high-level risk profiling of the audit portfolio over time;
- Facilitates strategic use of scarce audit resources, aligns audit efforts with management objectives, and reduces risk exposure by focusing attention on areas of weakness.
- The auditor performs a MORE EFFECTIVE and EFFICIENT audit, focused on HIGHER-RISK AREAS.
- Business units are involved at all stages of the audit.
- Risk-based auditing is more efficient, because it directs audits at the high-risk areas
- RBIA can also highlight risks that are over controlled and decrease efficiency
Outsourcing of Internal Audit
Riskpro has a team of experienced internal audits in major cities across India. We can take up internal audit and internal controls review on a "Retainership model", wherein you pay for our services a few days a month, as if you employed us for just those days a month. Our deliverable will be
1. Detailed internal audit report with findings during the month
2. Quarterly summary reporting to Audit Committee and Board
3. Half Yearly process improvement strategies to the CEO and the Management
4. Annual review of internal audit strategies and way forward. The annual audit plan integrates risk assessment and risk strategies to ensure that audit resources are deployed on high risk areas.
By outsourcing the internal audit function, companies gain greater independence of audit function and unbiased audit opinions. Our professionals have many years of internal audit experience across various industries. Such experience when pooled for your efforts means a wealth of talent and best practices.
Contact for More Information
Alternatively, for more information, please email email@example.com