Improve Operational Efficiency with Patronage’s Internal Audit Services
Updated: Aug 18, 2022
What is Internal Audit Services?
Internal audit is an in-depth evaluation process of an organization’s corporate governance, risk management, accounting processes, and operational efficiency. It is an independent process that checks internal controls and makes sure that the organization is working in compliance with the laws and regulations. Internal Audit Services provides an insight into the reliability of the financial and managerial operations taking place in the organization. A timely internal audit can help save your organization from potential risk, fraud, financial loss, and breach of law.
Role of Internal Audit
Let’s have a look at the significance of an internal audit for your organization.
Evaluating Internal Controls
Internal audits evaluate an organization’s internal controls by performing tests on the target department. After conducting these tests, an audit report is prepared. It is then shared with the concerned authorities. The auditors then follow up with the directors to ensure that the recommendations given by them were put into effect.
Patronage’s professional internal audit services help you conduct a strict internal audit which helps you evaluate your internal controls and identify the areas which need improvement. This will lead to the substantial growth of your business.
Risk Assessment
By conducting an internal audit timely you can identify the risks involved in the business and notify the senior management to prioritize the issues and eliminate them by putting the controls in place. Our consultants will help you track all the changes made in your organization, identify the gaps, and provide solutions to bridge them.
Impartial Insight
Internal audits help you gain unbiased insight into the activities of your organization. This adds value to your business. Outsourcing this service to us will help you gain a true understanding of all the financial transactions, and operating activities taking place in your organization. Our experts will not shy away from providing a true picture as to what areas of your organization need improvement.
Implementing Best Practices
Internal audit services help you incorporate the best practices that ensure operational efficiency and financial stability. Our experts will ensure that your organization is performing its activities in compliance with the law and regulations. Furthermore, we will help you implement the practices in which the risk rate is minimum to none.
What Internal Audit Services Does Patronage Offer?
Transactional Audit
It refers to the report of the daily transactions being made. Every time a transaction is made an audit is created and an audit number is issued in its name. At Patronage our professionals first conduct a transactional audit of your organization to make sure that no fraudulent activity has been taking place.
Procedural Audit
It refers to evaluating an organization’s internal controls, detecting its high-risk areas, and recommending solutions to minimize risks. Procedural audits are a necessity for an organization to keep a check and balance on its employees. Outsourcing our internal audit services will help you evaluate your internal controls, accounting policies, and other procedures of your organization.
System Audit
It refers to the systems used and the practices followed by an organization to reach its goals. System audits focus on the techniques and strategies used by an organization. Our consultants will recommend the best-suited practices for your organization to follow, since they are very experienced they will provide a strategy that is sure to lead your organization to success.
Cost Audit
Cost audit checks and verifies whether your books are clean and up to par. For example, if the cost of the product or service mentioned in the records is correct or not. It ensures that your organization has received the promised service for the amount paid. Here Patronage’s advisors will help you identify the cost-effective practices for your organization and will keep a check if all your departments are following through on these guidelines.
Procurement Audit
It refers to the process of periodically checking your procurement system, whether your suppliers are adhering to their contractual obligations, and what changes need to be made to increase the efficiency of your employees. Our professionals will perform all these duties making sure that your organization is following the standardized procedures.
Why Outsource It to Patronage?
At Patronage, we have experts from the fields of Technology Consulting Services, Human Resources Services, Legal Services, business administration, data analysis, and Accounting & Bookkeeping to name a few. Our experts will:
Help you save cost and time in training your auditor.
Conduct an effective audit.
Provide an accurate turn-around report.
Add value to your business by assessing problem areas and providing improvement solutions.
Follow up with the Board of Directors to ensure that they have implemented the suggested solutions.
Follow the proper audit methodology i.e., risk-based auditing.
Collect evidence to show that your organization has conducted an objective internal audit.
Provide an unbiased and independent assessment.
Help you take the risk level to a minimum and rid you of any liabilities.
Bring a new perspective that will help your organization grow smoothly.
At Patronage, we help your organization reach its desired goals in a disciplined and structured way by ensuring that it’s not violating the integrity, accountability, and transparency constraints. Our internal audits service performs a thorough risk assessment, detects the issues, and shares the report with the upper management. We also provide solutions as to how you can resolve these issues and set up necessary controls.
Conclusion
Thriving in a competitive market with so many rules and regulations might seem difficult but Patronage is here to take the burden off your shoulders. We provide the industry-best internal auditors with an in-depth knowledge of the standard rules and regulations. Our professionals not only check your previous records but also provide consultancy on the current and future organizational operations. We help you mitigate the risk and give recommendations on how your organization can harness its true potential.
For all your internal audit needs, contact Patronage today. Drop us a line at connect@patronage.pk