PDZ-Audit
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Internal Audit
Internal audit is a function that should exist in any organization irrespective of its size. It is only the depth and complexity of the internal audit function that should separate the smallest entities in respect to fully fledged multinationals. It is self-evident that a small family owned and run enterprise does not need to have designed and put in place internal control procedures nearly as complex as those of a big multinational company. However the simple fact that someone should ensure that whatever procedures are in place are indeed followed and that they reflect action steps that really match the potential operational risks that the company faces, means that an internal audit function is indeed needed by all companies.
Any company, irrespective of size will need to address the fact that at least some basic safeguards are in place to prevent mistakes from happening or assets from being misappropriated through cases of fraud. These safeguards are what is called internal control procedures. These processes need not only address the risk of incorrect financial reporting, but also operational risks on processes where mistakes could adversely impact the company through loss of sales, customer dissatisfaction or in any other way. For instance, it is obvious that things going wrong with front-end processes, that is processes that involve interaction with company’s customers such as order taking and/or after sales support, would lead to loss of customer goodwill and as a result adversely affect the performance of a company.
We can help you by designing a robust internal audit function that will review, evaluate and to the extend needed correct the internal control function of you company. This will be done by taking into account the size of your organization, the industry it operates in and the resources and skills that can be applied to this function. So without adding unnecessary bureaucratic burden on the company’s operations we can to the extent possible ensure that the risk of adverse consequences through the lack of effective internal control is minimized. Any costs this might have for the company will be paid back in full by negating the said adverse consequences and by the potential of streamlining operations that will exist from the internal audit that will be carried out.