Internal Audit Overview
Internal audit has changed dramatically in recent years and has evolved and gained more importance as an independent, assurance and consulting function designed for business improvement and organizational efficiencies. Shareholders and audit committees are taking active interest in the effectiveness of Risk Management and Control Assurance areas in their organization. Stakeholders are increasingly demanding a higher degree of transparency and ethical behavior.
Consequently, organizations are introducing risk-based internal audit plans, which are designed to focus on critical areas. Appropriate risk management systems enable organizations to take advantage of opportunities while effectively managing the accompanying business risks. Managing loss potential, while consciously taking acceptable risks directly enables the management to provide fair returns on investment.
Today’s leading internal audit organizations are no longer limited to hazard avoidance and compliance. They need to demonstrate their knowledge on risk management, business process improvement, which is a characteristic of a consultant rather than a classical internal auditor. Furthermore, internal auditors are no longer required to focus solely on financial audits. They increasingly need to provide value adding support to managements across all areas of operation, for example, Information Technology, Purchase-to-Pay process, Order-to-Cash process, regulatory compliance, etc. To meet these challenges, a growing number of organizations are looking for strategic partners to support their internal audit requirements.
K-Konsult offers a suite of strategic, outsourcing and industry focused operational services that help organizations evaluate and enhance their internal audit, risk management and governance functions.
Our consultants have the knowledge, technology and experiences across a broad spectrum of industries along with a distinctive approach to help organizations.