Solomon Asuquo’s Post

Here are some best practices from our experts to help you streamline your internal audits and drive your business forward: 1. Establish Clear Objectives: Define the scope and purpose of your audit to ensure a focused and efficient process. 2. Develop a Comprehensive Plan: Create a detailed audit plan that outlines the areas to be reviewed, resources required, and timelines. 3. Utilize Technology: Leverage advanced audit software and data analytics to enhance accuracy and efficiency. 4. Maintain Independence: Ensure your audit team operates independently to provide unbiased insights and recommendations. 5. Focus on Risk Management: Prioritize high-risk areas to mitigate potential threats and safeguard your assets. 6. Continuous Training: Invest in ongoing training for your audit team to keep them updated on the latest industry standards and practices. 7. Effective Communication: Foster open communication between auditors and management to facilitate a smooth audit process and implement recommendations swiftly. 8. Regular Follow-Ups: Conduct follow-up audits to ensure that corrective actions have been implemented and are effective. Connect with Us Today! Ready to strengthen your internal controls and drive growth? Contact us at Ranwatta & Co to schedule a consultation with our experts.  Contact us 0112 543 011 info@chartconsult.lk www.ranwattaco.com

RAPPORT D’AUDIT : From Anurag Nahta : Internal Controls vs Internal Audit Made Simple   Internal controls and internal audits are two crucial aspects of organizational governance, but they have different objectives.    Let's break it down: 1.  Internal Controls Objective: To prevent problems before they occur Example: Segregating duties in finance, like one person handling invoices and another doing payments. This reduces the risk of fraud or errors. 2.  Internal Audit Objective: To independently evaluate and improve processes Example: An audit team reviewing the effectiveness of internal controls across departments and suggesting improvements.   Think of it this way: Internal Controls = Preventive Measures (Like a security guard) Internal Audit = Independent Evaluation (Like a surveillance team)   While controls aim to stop issues upfront, audits assess if those controls are working well and provide recommendations.   These two work together ALWAYS - Controls protect the organization Audits ensure those protections are solid   A strong internal control system combined with an effective internal audit function creates a robust governance framework for any organization.   Hope this helps! Let me know if you have any more internal audit related doubts in the comments below!

Which Function is best positioned to educate Management to be ready for an internal audit?

Following to my posts, I have decided to post some daily insights. Day 1 of Daily Insight Q: Whether the Internal Control and Internal audit go by the same meaning ? Well, the answer is NO though both of the terms found to be similar there is a clear demarcation between both the terms. What is Internal control ? Internal control is a system that's implemented continuously to manage risk and ensure the organization's objectives are met. They are made up of policies, procedures and measures that help an organization assess and mitigate risk. What is Internal Audit? Internal audit is periodic review of the above mentioned controls. The internal audit helps the organizations understand their risk environment and assess the effectiveness of their internal controls. Summary Internal control is a broad concept in which internal audit is a part of it. Such internal controls depends on the factors of organization of how the same is being functioned. Internal control: Integrated into the organization Internal audit: Planned mission carried on by an Independent structure Hope this post would helped you with some topic :)

🌟 Enhance Your Internal Audit Controls Today! 🌟 Curious about how strong internal audit controls can benefit your organization? Explore our latest insights on the crucial role of internal controls in safeguarding assets, ensuring compliance, and optimizing operational efficiency 💸 . Whether you're looking to refine existing practices or starting from scratch, our resources at AuditBoard offer practical guidance and expert advice to empower your team 🎯 🔍 Dive into the details and take the first step towards stronger internal audit controls. Visit our suggested blog: https://lnkd.in/gfmgt8-9 Let's elevate your audit strategies together! 💼✨ Comment or send us an email at: inquire@bridge-global.net to know more about what we do. #InternalAudit #AuditControls #Compliance #OperationalEfficiency #BusinessStrategy #BridgeGlobal

Ten commandments of internal audit  I. Know the objectives of the action and activity to be audited II.  Know the Internal Control Structure III. Know the patterns IV. Know the facts V. Know the causes VI. Know the effects VII. Meet people VIII. Know the means of communicating results  IX. Know the critical processes and risks X. Follow-up - (Monitoring)

Today I want to clarify the differences between internal controls and internal audit, since many people confuse them or think they are the same thing. And in the diagram are their main characteristics, but the most important one is that internal controls are preventive and internal audit is detective, meaning that internal audit must verify compliance with internal controls and must be independent from management. Were you aware of these differences? Please leave your comments.

What to Look for in an Internal Audit Report 🔍📊 Read now: https://lnkd.in/gVfT9xhj . . . #AuditInsights #InternalAudit #ReportAnalysis #AuditReview  #AuditFindings #AuditReport #PKChopraandCo #PKChopra

Glossary: Your Quick Guide to Understanding the 2024 Global Internal Audit Standards Document #chapter 43 In the world of auditing, having a clear understanding of terminology is crucial to success. That's why the "Glossary" section in the 2024 Global Internal Audit Standards Document is an essential element. This section is designed to provide precise and concise definitions of technical terms you might encounter while conducting internal audits. As you navigate through this document, the "Glossary" serves as a quick reference guide that helps auditors understand the context and usage of each term accurately. It not only improves efficiency but also ensures consistency in the interpretation of audit standards across the organization. No more wasting time searching for definitions that might be confusing. With the "Glossary" at your fingertips, you can quickly find the meaning of unfamiliar terms, allowing you to focus on more important tasks—conducting audits with the highest level of integrity and accuracy. Ultimately, the "Glossary" in the 2024 Global Internal Audit Standards Document is an invaluable tool for every auditor, providing a solid foundation of knowledge and enhancing clarity in communication throughout the audit process. Make this section your go-to reference and experience its benefits in every step of your audit activities. #ArlyLeonardManafe #AuditGlossary #InternalAudit2024 #AuditStandards #AuditTerminology #AuditEfficiency #AuditSuccess #QuickReference #AuditClarity #AuditTools #AuditKnowledge #AuditGuidance #StandardDefinitions #AuditTerms #AuditResources #AuditAccuracy #ConsistentAuditing #AuditIntegrity #KnowledgeIsPower #AuditFoundation #UnderstandingAudit #AuditCommunication #AuditProcess #AuditPractices #AuditReference #AuditHelp #AuditSkills #AuditEfficiencyTools #AuditSuccessTools #ClearAuditStandards #Audit2024

SMART It serves as a framework for setting effective goals and objectives to ensure they are: S - Specific: Clearly define what needs to be achieved, avoiding ambiguity. M - Measurable: Quantify the goal with clear metrics to track progress and assess success. A - Attainable: Ensure the goal is achievable within existing resources and capabilities. R - Relevant: Align the goal with the overall objectives of the internal audit department and organizational priorities. T - Time-bound: Establish a realistic timeframe for achieving the goal. Here's how internal auditors can apply the SMART framework: Specific: Instead of "improve risk management," a specific goal could be "review and update all internal control procedures for the procurement department by the end of the quarter." Measurable: Quantify progress by stating, "reduce the number of identified control deficiencies in the procurement department by 20% compared to the previous audit." Attainable: Consider available resources and workload, ensuring the goal is achievable by the internal audit team within the designated timeframe. Relevant: Ensure the goal directly relates to the overall audit plan and addresses a critical risk identified within the organization. Time-bound: Set a clear deadline for achieving the goal, such as "complete the review and update of control procedures by [date]." Applying SMART principles helps internal auditors set clear, focused, and achievable goals, leading to improved audit effectiveness and increased value delivered to the organization.