Audit

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Audit

Audit

In the finance world, there are mainly two types of audits, the internal and external audit.  While the internal and external audit functions are complementary and may need to closely work together, their purposes and areas of focus differ. Internal audits take a holistic view of their organization’s governance, risk and control systems (in other words, primarily, non-financial information), while external audits are either concerned with the accuracy of business accounts and the organization’s financial condition or, in some industries, the organization’s compliance with laws and regulations.

1. Outsourced internal audit services

Lately, internal audit is more than just an area of interest for external auditors. Increasingly, investors in both profit and nonprofit oriented enterprises are looking for the assurances that your internal audit function can independently and objectively assess whether

  • Risks relating to the achievement of your organization’s strategic objectives are appropriately identified and managed
  • Established processes and systems enable compliance with the policies, procedures, laws and regulations that could significantly impact the organization
  • The actions of your organization’s officers, directors, employees and contractors are in compliance with your organization’s policies, procedures and governance standards
  • Operations and programs are being carried out effectively and efficiently.
  • Resources and assets are acquired economically, used efficiently and adequately protected.
  • The results of operations or programs are consistent with established goals and objectives.
  • Information and the means used to identify, measure, analyze, classify and report such information are reliable and have integrity.

These attributes demonstrate that your risk management, control and governance processes are robust and hence you are an attractive and reliable investment partner.

Internal audit engagements might either be consultative where the client has input in determining the scope and nature of the engagement but just like the external audit, it can be purely assurance engagement. With guidance primarily from the international Professional Practices Framework (IPPF) and other business tools, J&A can help you initiate or augment your internal audit function.

We can:

  1. Review/Develop your internal audit framework
  2. Review/Develop your Risk Management Framework
  3. Review/Develop your strategi business plan
  4. Review/Develop your policy and procedures manuals
  5. Advisory on high risk projects
  6. Due Diligence
  7. Value for money (VFM) audits
  8. Impact assessments
  9. Post mortem anyalsis
  10. Facilitating management’s control self assessment
  11. Training on
  • Governance, risk management and internal controls
  • Money Laundering and fraud

2. External Audit and Assurance

Modern economies rely on cross-border transactions and the free flow of international capital. More than a third of all financial transactions occur across borders and this number is expected to grow. To enable; transparency, comparability and enhance the quality of financial information for investors and other market participants make informed economic decisions, ICPAU as mandated by the Companies Act 2012 and the Accountants Act 2013 requires you to prepare financial statements which comply with IFRS as issued by the IASB. As your external auditors, J&A relies on International Standards on Auditing (ISAs) as a bare minimum to provide an assurance as to whether your financial statements give a true and fair view of your operations.

c) Risk Management

Risk management is an essential ingredient of organisational success. Risk exists at every level of activity and objective. Effective risk management which includes measures to reduce or exploit it can ultimately lead to maximising organisational performance and safeguarding against failure.

J&A purposes to either give confidence to senior management and the board that everything is operating as it should or to alert them to significant issues that can and should be addressed. Our engagement can either be consulting in nature;

  • Assisting in the identification and evaluation of risk through an analysis of strategy and the internal and external environments.
  • Improving and maintaining the risk management framework through a combination of testing validation and offering potential solutions to weaknesses identified.
  • Advancing the progression towards greater risk maturity by developing the risk management strategy. Processes to developing and maintaining your risk management framework or assurance in nature thus, providing an independent and objective review and assessment of the adequacy and effectiveness of your risk management processes.

 

 

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