Internal Audits | Coreinfo

Internal Audits

Internal Audit

Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

Performed by professionals with an in-depth understanding of the business culture, systems, and processes, the internal audit activity provides assurance that internal controls in place are adequate to mitigate the risks, governance processes are effective and efficient, and organizational goals and objectives are met.

Evaluating emerging technologies. Analyzing opportunities. Examining global issues. Assessing risks, controls, ethics, quality, economy, and efficiency. Assuring that controls in place are adequate to mitigate the risks. Communicating information and opinions with clarity and accuracy. Such diversity gives internal auditors a broad perspective on the organization. And that, in turn, makes internal auditors a valuable resource to executive management and boards of directors in accomplishing overall goals and objectives, as well as in strengthening internal controls and organizational governance.

Seems like a lot to ask from one resource? Maybe for some, but for our internal auditors — it’s all in a day’s work.

Business Process Review and Reengineering

Our business process practices connect clients’ strategies with execution. Whether it is strategically reducing costs, enhancing control, improving operational flexibility, managing risk, and improving capital efficiency, our team can help you to streamline your business operations, achieve continuous improvements, and establish practices with proper internal controls and finally achieving ISO Certification: the hallmark of operational excellence.

Business Process Analysis
SOP Development and Deployment
Quality Policies and Procedures
ISO Certification Advisory
Cost Reduction Programme

Information Systems Audit / IT Audit

Information Systems Audit is a managerial, technical and organisational process to ensure proper utilization of Information Technology and systems to strategically align with the overall mission and goal of organisation. Information Systems Audit should not be viewed as controlling procedure, but as a means of leveraging maximum return on investments from IT investment and better dissemination of Information resources to the stakeholders.

Information systems form the backbone of all decision support systems with senior management relying heavily on the outputs, reports and business intelligence generated by the Management Information Systems.

The task of Information Systems Audit is to ensure that authentic, qualitative information is made available to all the stakeholders at all times.

Compliance Audit

A compliance audit is a comprehensive review of an organization's adherence to regulatory guidelines. Audit reports evaluate the strength and thoroughness of compliance preparations, security policies, user access controls and risk management procedures over the course of a compliance audit.

Without such audits, organizations can be in violation of their compliance duties. That might lead to regulatory enforcement, including monetary penalties; or to loss of certain business privileges

Governance, Risk Management & Compliance (GRC)

A GRC audit is an examination of an organization’s governance, risk management, and compliance procedures. This can also be an internal audit used on an ongoing basis to refine and improve policies.

While GRC hadn’t been officially acknowledged as a solution with a name, it was in implementation on every level across every business. Any policy, government law, regulation, company code of conduct, and business risk fits into the umbrella of a GRC framework even if it was never referred to as such. As technologies and the size of the market grew, the need to have GRC as a tool has been required, in the wake of multiple disasters that rocked the foundation of the world as we knew it.

Governance

Governance is the process through which executive management directs and manages a large enterprise at scale using a combination of hierarchy and policies. Corporate governance is designed to ensure that senior management has the necessary and most current information to effectively make decisions and inform company strategy.

Risk Management

Risk Management is the process of quantifying, evaluating, and prioritizing potential assessed risks to an organization based on their entire operation as a whole. Proper risk management practices require that an organization uses coordinated and fiscally responsible choices to utilize resources in a way that controls, monitors, and mitigates risks that can have negative consequences for a business day today.

Compliance

Compliance programs are the rules of the market, government, or industry in which the organization operates. In the case of cybersecurity, compliance requirements are designed to ensure that consumers can operate with an expected degree of trust in the organization that their data is safe from theft.

While these individual applications may have been sufficient to run a business in the past, it simply leaves too many gaps to supplement the operations of an organization in today’s landscape.

We at Coreinfo support organizations in implementation and review of the GRC framework.