- June 21, 2020
- Posted by: Founda media
- Category: Auditing
The most reputable internal audit service to help businesses prevent risks
What is internal audit?
“Internal audit is an independent, objective function that ensures and advises on activities designed to add value and improve operations within an organization. Internal audit helps an organization achieve its objectives by providing a systematic and disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes” – According to American Institute of Internal Auditors.
Functions of internal audit
- Independent function, internal audit can be understood separately from the departments, objects, and content we audit.
- The objective function is that internal audit, when performing an audit, does not have this bias, does not have this conflict of interest, or in short, anything that distorts judgment.
- The Assurance and Consulting function here means controlling whether the system runs according to the process? Are the designed processes suitable for the operation of the system and prevent risks, ensuring the Board of Directors and senior management that operations are in accordance with the established processes? Design and process also minimize possible risks
The role of internal audit in companies
Internal audit today plays an important role in the Company, internal audit helps administrators make decisions, prevent possible risks and improve the company's control system for the strictest management.
Responsibilities of Internal Audit
- Report internal audit results to leaders of audit subjects, audit committee and board of directors...
- Creating and storing working papers and documents related to the audit is also a way to protect yourself and prove the work you have done.
- Coordinate with independent auditors
- Does not perform management activities.
- Ensure internal audit personnel have the required knowledge, skills, experience and professional certifications in the correct audit field. Therefore, internal audit often takes personnel who are knowledgeable about their own business's operations into the audit team.
What are the powers of Internal Audit in the company?
- Provided access to records, personnel, and assets
- Full access is maintained
- Secure internal and external resources if necessary
- Internal audit must have great rights in approaching and accessing the issues and groups under audit; individual managers must not limit this right of auditors to ensure the operation of internal audit. department achieves results.
The status of internal audit in Vietnam
In Vietnam, the activities of internal audit Sometimes it is not independent, the internal audit department does not have enough power but is still under the management of the Director or other management departments, so it is sometimes limited due to processes and mechanisms. issued by the Director.
In Vietnam, many times the Chairman of the Board of Directors is also the Director and essentially they only represent a part of the capital of an external organization or the state, so they do not really like internal audit.
In addition, Internal Audit in Vietnamese enterprises does not have too many access and interview rights without the consent of the audited unit, and the personnel do not have to have much experience or skills.
Internal audit service of AACS
Your company is having internal control problems, you are in need of support and looking for solutions to improve the internal control system.
Your company's resources are limited, but we have a team of experienced experts and you need coordination and support to improve your skills, knowledge, etc. For your Company's internal and system audit staff.
Your company has grown and you need a system to assess risks, as well as manage your business to compare with legal compliance regulations.
Your company already has an internal control system, but you need to review it to evaluate the effectiveness of the existing control system compared to the wishes of the company's board of directors, as well as those of shareholders.
In matters of corporate governance, departments, employees, processes... has your company complied with the regulations and implemented them correctly?
Using our internal audit service will help you achieve much added value.
AACS helps organizations improve corporate governance and risk management practices by establishing internal control systems to proactively manage risks, and forming and upgrading the Internal Audit System. set to help businesses focus on strategic and operational issues.