Internal auditing refers to an independent, objective assurance and consulting activity designed to add value and improve a company’s operations. It helps the company accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.
Internal auditing is a profession designed to improve an organization’s operations. Performed by certified internal auditors like Ogedengbe Blessing & CO with in-depth knowledge of the business milieu, systems, and process, it helps an organization to meet its predetermined objectives and goals in a systematic approach to study and improve the effectiveness of risk management, control and governance process.
Internal auditing ensures that the organization is working fairly enough to mitigate risks, and those business goals and objectives are met. To do this, internal auditors work with an organization to systematically review its systems and business operations. These reviews are focused on recognizing how well risks are managed and whether agreed procedures are being followed.
Internal Audit Process
Although the audit specifications change according to organization, the audit process is similar for most organizations, and consists of nine stages. Ogedengbe Blessing & CO conducts the following procedures to minimize the business risks and increase the efficiency within an organization:
Ogedengbe Blessing & CO Internal Auditing Services in Nigeria
Our Auditing firm in Nigeria provides the following internal auditing services:
- Evaluating business risks and offering relative suggestions
- Compliance auditing, informing the management of the degree of compliance with established policies, procedures, laws, regulations, contractual provisions, etc.
- Examining the company operations to assess the company’s performance with respect to its business objectives
- Advising and assisting the organization in the development of internal audit and risk methodologies
- Assisting the management in detecting the presence and extent of financial inconsistencies, if any, and in gathering any necessary evidence for legal purposes
- Assessing a company’s internal control structures, ensuring compliance with the regional laws and regulations, and confirming adherence to operational procedures
- Identifying areas of ancillary revenue and gaps in the current revenue streams
- Providing practical recommendations for improvement in control systems
Why Ogedengbe Blessing & Co ?
At Ogedengbe Blessing & CO Chartered Accountants in Nigeria, we offer interim and full-time internal audit. Our internal audit professionals take a risk-based approach to internal audit to help clients improve performance and operating efficiency. We go beyond traditional fundamentals and add tangible value, to elevate internal audit to an even more strategic and productive role in today’s corporate governance environment. We provide an independent professional evaluation and advice on the quality and effectiveness of the control environment within the organization. We also identify areas for improvement and implement strategies to help you to achieve your organizational objectives and make a positive contribution to the successful operation of your business.
For internal audit services in Nigeria, do contact us – we’d be happy to assist!
FAQs
How long does an internal audit take?
An internal audit normally takes 1 to 2 weeks to be carried out.