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Generally, ABS’s internal audit assignment involves the following steps:
1. Establish and communicate the scope and objectives for the audit.
2. Develop an understanding of the business area under review, which includes objectives, measurements, and key transaction types.
3. Describe the key risks facing the business activities within the scope of the audit.
4. Identify management practices in the five components of control used to ensure each key risk is properly controlled and monitored.
5. Develop & execute a risk-based sampling & testing approach to determine the most important controls are operating as intended.
6. Report issues and challenges identified and negotiate action plans with the clients’ management to address the problems.
7. Follow-up on reported findings at appropriate intervals.
GAP ANALYSIS ABS can perform Financial Gap Analyses, among others, in the areas of Financial Management, Planning, Budgeting and Forecasting, Inventory Management, Financial Reporting and Analysis, and Key Performance Indicators to determine the differences between business requirements and current capabilities of the client. Thereafter, the result of the GAP analysis will be highlighted, agreed and its implementation prioritized with the stakeholders.
GOVERNANCE RISK AND COMPLIANCE The need for increased transparency has driven decision makers to take a closer look at the internal controls and compliance frameworks of the enterprise. Our collective experience of working with other organizations has provided us with significant insights and understanding of the challenges involved in the design and implementation of corporate governance models. • Drafting Charters and Policy & Procedure
• Process Mapping
• Risk Assessment & Compliance Audit
• Full Internal Audit Function (Financial , Operations and Taxation)
• Fraud Audit & Investigation • Project Management
1. Establish and communicate the scope and objectives for the audit.
2. Develop an understanding of the business area under review, which includes objectives, measurements, and key transaction types.
3. Describe the key risks facing the business activities within the scope of the audit.
4. Identify management practices in the five components of control used to ensure each key risk is properly controlled and monitored.
5. Develop & execute a risk-based sampling & testing approach to determine the most important controls are operating as intended.
6. Report issues and challenges identified and negotiate action plans with the clients’ management to address the problems.
7. Follow-up on reported findings at appropriate intervals.
GAP ANALYSIS ABS can perform Financial Gap Analyses, among others, in the areas of Financial Management, Planning, Budgeting and Forecasting, Inventory Management, Financial Reporting and Analysis, and Key Performance Indicators to determine the differences between business requirements and current capabilities of the client. Thereafter, the result of the GAP analysis will be highlighted, agreed and its implementation prioritized with the stakeholders.
GOVERNANCE RISK AND COMPLIANCE The need for increased transparency has driven decision makers to take a closer look at the internal controls and compliance frameworks of the enterprise. Our collective experience of working with other organizations has provided us with significant insights and understanding of the challenges involved in the design and implementation of corporate governance models. • Drafting Charters and Policy & Procedure
• Process Mapping
• Risk Assessment & Compliance Audit
• Full Internal Audit Function (Financial , Operations and Taxation)
• Fraud Audit & Investigation • Project Management
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