According to the Definition of Internal Auditing in The IIA’s International Professional Practices Framework (IPPF), internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

The internal audit function is primarily directed at assessing the internal controls in place. Based on COSO Framework, internal control is broadly defined as a process, effected by an entity’s board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of the following core objectives for which all businesses strive:
• Effectiveness and efficiency of operations.
• Reliability of financial and management reporting.
• Compliance with laws and regulations.
• Safeguarding of Assets

Whether your business is under a regulated or unregulated market, the importance of implementation of robust controls and monitoring cannot be stressed enough. Internal audit will independently audit management control assertions and report to the Company’s Audit Committee and to the Board of Directors of the findings and go a step further and propose solutions to rectify the identified weaknesses.
We develop appropriate internal audit programs to address the needs of our clients and provide a high-quality internal audit service.

For more information for our internal audit services contact us at info@nextgency.com