Setting up of Internal Audit Function

The objective of the Internal audit is to evaluate a company´s internal control, including its corporate governance and accounting processes, to ensure compliance with laws and regulation  and to provide the tools to add value and improve an organization’s operations.

 

In case an investment firm prefers to appoint a qualified and experienced individual with sufficiently good repute (i.e. integrity, morals and credibility), as a full-time Internal Auditor of a company, our company can provide assistance in relation to:

 

  • formal definition of the purpose, authority, and responsibility of the internal audit activity in an internal audit charter
  • establishing the internal audit activity’s position within the organization, including the nature of the chief audit executive’s functional reporting relationship with the board;
  • drafting of audit committee charter
  • setup of authorized access to records, personnel, and physical properties relevant to the performance of engagements; and defines the scope of internal audit activities. Final approval of the internal audit charter resides with the board
  • reviewing of written policies and procedures
  • mapping of the major processes and operations within a company
  • development of a risk assessment
  • development of an audit plan based on a risk assessment
  • development of a plan for staff training, ensuring staff covers the range of expertise needed as well as continuing professional development plan
  • establishing best practice reporting relationships between internal audit personnel and board of directors
  • development of a methodology for following up on audit recommendations and measuring performance
  • setup of ongoing monitoring of the performance of the internal audit activity

 

Our company T.F.S. Tailored Fin Serve Ltd. possess the resources and knowledge to create and develop the internal audit function in conformity with the code of ethics and the standards required by the regulator.  We can also provide the ongoing support by offering advice and training on a variety duties of your internal audit function, as well as to provide an assistance in relation to risk assessment or preparation of an audit program.