In these short videos, our team provide you with their top internal audit tips as well as valuable business insights.
Our highly experienced team has over 50 years of combined internal audit experience – throughout the Asia Pacific region and across a wide range of industries.
Internal Audit Delivered Differently
There’s no one internal audit program that suits every company. Internal audit varies from one organisation to another based on their requirements and obligations to manage internal controls. Risks and controls are assessed and a tailored program is developed for implementation.
The Difference in Our Service – Responsibility & Accountability
At aceia, we provide our team members with the responsibility and accountability for the projects that they work on. This allows us to get the work done and be responsive to our customer’s needs as they change.
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.
Developing An Internal Audit Framework
In this video, Peter Francis, our Managing Director, discusses how we assist businesses in developing an internal audit framework.
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.
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.