In these short videos, Peter, Kevin, Chuck and Jhu provide you with their top internal audit tips as well as valuable business insights.
Our highly experienced team has over 60 years of combined internal audit experience – throughout the Asia Pacific region and across a wide range of industries.
Internal Audit Challenges
One of the most challenging things for our customers, when they consider outsourcing internal audit to us, is taking that leap of faith. Entrusting an outside service provider with sensitive information is a challenge and a risk.
At an operational level, it is also challenging for staff to have an outsider make an assessment of how they do things and then make recommendations on improving these processes.
Internal Audit As A Business Function
In this video, our team discuss internal audit as a business function, highlighting that internal audit:
- Is another important function within an organisation.
- Provides an independent evaluation of controls
- Identifies key risks and addresses these
- Provides assurance that systems are working effectively & controls are being managed.
- Helps the business achieve its objectives.
Developing An Internal Audit Framework
In this video, Peter Francis, our Managing Director, discusses how we assist businesses in developing an internal audit framework.
More Top Tips for 2019
In this video, we provide you with some more top tips for 2019:
- Focus on what you’re good at.
- Know your competitors.
- Develop an assurance map.
- Understand your key controls.
Our Top Tips for 2019
In this first video for 2019, our team provide you with some of their top tips for the new year:
- Find out what you don’t know by reviewing processes.
- Invest in well documented & updated process flowcharts.
- Conduct an assessment of your company.
- Keep policies and procedures simple and use “layman” terms.
Our Top Tips from 2018
With the new year almost upon us, we reflect on the year that was and provide our top tips from 2018:
- Introduce an internal audit function, if you don’t have one.
- Invest in good people.
- Treat your employees right.
- Prepare for things to go wrong.
Our Role As Internal Auditors
With over 60 years of combined internal audit experience, our dynamic and highly experienced internal audit team play an integral part in helping businesses face challenges and attain assurance. As a result, the role of an Internal Auditor at aceia is dynamic one – varying from one project to the next. Our Internal Auditors travel throughout Australia and New Zealand, working with different customers on various audit projects across a broad range of industries. The one thing that our team all enjoy about their role is working with our valued customers, learning about their businesses and helping them achieve their objectives.
The Value of Internal Audit
Peter & Jhu discuss the value of internal audit to a company. An internal audit project encompasses the stages of pre-work, planning & scoping, fieldwork and report writing. However, an internal auditors role doesn’t stop there. Recommendations are also monitored for implementation – which happens over time. Internal audit, in some cases, can provide immediate tangible benefits to businesses in terms of cost savings, identifying revenue leakage or risk exposure, or preventing an incident from occurring. However, there are also intangible benefits that are not easy to quantify or measure (such as more effective and efficient processes) that the company will see the benefit of over time.
Knowing What You Don’t Know
Peter, Kevin, Chuck & Jhu discuss the role of internal audit and how ‘knowing what you don’t know’ can help you evaluate your key controls and risks. Getting a clean (internal audit) bill of health around how your business is running is a great outcome as it means everything is working as it should. However, if things aren’t going to plan, then internal audit can improve business processes and put in key controls to manage risks.
Key Internal Audit Controls
Peter and Jhu discuss how internal audit supports businesses through providing objective assurance around the internal controls in the organisation. Key controls are important as they ensure the process doesn’t fall over and cause exposure to the organisation.
Internal Audit Triggers
Peter and Jhu highlight the different triggers for internal audit – including incidents or issues that need to be looked at or investigated, and forward thinking approaches. Jhu also discusses red flags and what these are.
Internal Audit Approach & Challenges For Customers
Peter and Jhu discuss why the approach to internal audit differs between companies and industries and the challenges that customers can face when deciding to engage an external internal audit service provider.
Who needs Internal Audit?
Peter and Chuck briefly discuss who needs Internal Audit? In their response, they cover large, medium and small sized businesses.
Subbu and Peter briefly explain the risk management process and what this means to a business.
What we do at aceia
Peter and Kevin as they explain what we do at aceia and what they like about being Internal Auditors.
Subbu, Chuck and Kevin explain the benefits of process flowcharts.
The importance of internal controls
Subbu, Chuck and Kevin explain the importance of internal controls.
What are some of the keys to Internal Audit success?
Subbu, Chuck and Kevin explain some of the keys to Internal Audit success.
What is an Internal Auditor?
Kevin, Chuck and Subbu explain the role of an Internal Auditor and the benefits of this function to an organisation.
Introduction to Internal Audit
In the introductory video below, Subbu, Kevin and Chuck provide a brief overview on the value of internal audit.