Internal Audit Services – Sarsson Accounting Services

SAS | Internal Audit Services

When it comes to an internal audit, it is often neglected by companies for want of legal obligation or lack of time and resources. But when the management tries and understands the importance and underlying objective of getting internal audits, and all the benefits it offers, the process of internal audit becomes more valuable and pleasant. SAS provides a precise and quality internal audit service in Ghana, and here is everything you need to know about our internal audit services.

What is internal audit
Internal auditing is aimed at evaluating the company’s internal control framework, corporate governance mechanism, compliance with laws, accounting processes to ensure accurate and timely financial reporting, operational efficiencies, and safeguarding of assets.

Internal audit aids the organization in accomplishing all its strategic missions and objectives by introducing a systematic and disciplined approach and methodology to improve risk management, governance policies and brings compliance to rules and regulations. It provides necessary confidence to the management that the company can meet the demands of the ever-changing external environment.

Importance and objectives of internal audit
We firmly believe that internal audits, when carried out with accuracy and transparency, can add so much value to your organization. Our auditors look beyond your financial statements and keep a broader view, which includes a closer look at policies, procedures, operational controls, segregation of duties, and safeguarding of assets. Our internal auditors carry out audits keeping in mind the individuality of each company, scope of work, and objectives of the audit.

Our Internal Audit Services

STRATEGIC REVIEW OF THE INTERNAL AUDIT FUNCTION
Some organizations have their own internal audit department and want us to review their internal audit function. In such cases, we understand and evaluate its operating procedures, methods, and capabilities vis a vis department’s objectives to identify and implement better processes and control mechanisms.
CO-SOURCING
In Co-sourcing assignments, we work with your internal team and provide them with the best practices, software tools, internal audit checklists, and necessary guidelines to carry out their work more effectively. We guide them in every step of the way while carrying out process studies, risk assessment, audit planning, and execution so that they can be self-reliant in this matter.
OUTSOURCED INTERNAL AUDIT SERVICE
Our outsourced internal audit service is aimed at providing a full-fledged service wherein we carry out the audit with our experienced auditors and domain experts. At the end of the audit, we provide you internal audit report with our recommendations and help you implement those recommendations.
INTERNAL CONTROLS POLICIES AND PROCEDURES DEVELOPMENT
Our internal auditors provide their expert guidance on developing internal control policies and procedures and help you improve the control framework within the organization.
BUSINESS PROCESS OPTIMIZATION
Our auditors study your current business processes, compare them with the best practices, identify weaknesses and improvement opportunities, and devise a new set of business processes to achieve higher efficiencies.
FOLLOW-UP ENGAGEMENTS
We do undertake follow-up engagements where we help you implement recommendations from the last internal audit report to ensure better compliance and operational efficiencies.

Internal Audit Process That We Follow

Our internal audit process includes the following steps:

PLANNING
Our internal auditor sets up a meeting with the client’s management and defines the objective, scope, and make the management familiar with all the important review requirements related to the risk-based internal audit. This review requirements might include the rules, regulations, laws, procedures, and policies relevant to the company. Our auditor will then set a timeline according to which the auditing process will be carried out. Along with this, the audit budget, audit plan, and other important meetings are also planned.
FIELDWORK
This step is where the actual auditing takes place. Our audit teams execute the whole plan in this step. This is a very elaborate process where interviews with important people of the company to understand the process take place; important information is reviewed, internal controls are tested, documentation of work and recommendations are made.
REPORTING
After the fieldwork is done, our auditor prepares an internal audit report during this phase. The reports are made with utmost accuracy to avoid any error or misrepresentation. The work doesn’t just complete here; our auditors further recommend you possible recommendations and ideas so that your company can have ample opportunities to improve and grow.
FOLLOW-UP
The final phase of auditing ends with our auditor ensuring that the client is implementing all the important recommendations and ideas. This is one of the most important and crucial steps which is often overlooked or neglected. But as a company for whom clients are the most important asset, we at SAS make sure this last step is also carried out diligently.