Internal audits
We possess the necessary skills, experience, and capacity tailored to meet the needs of our clients' internal audit functions. Recognizing internal audit as a fundamental resource in the governance process, we rely on our team of specialized and skilled members to deliver a comprehensive solution to our clients. AP's Internal Audit Services adopt an integrated approach, ensuring that all categories of risk exposure and controls are thoroughly reviewed and assessed by individuals with the requisite skills and experience. This involves leveraging agile and data-driven solutions that yield profound insights and foresights into risks and opportunities, ultimately enhancing assurance and driving business improvement. Our internal audit practice collaborates closely with boards, committees, executives, and management to customize our assistance according to your specific requirements. Our services encompass;
- Establishing an internal audit function.
- Delivering outsourced and co-sourced internal audit solutions
- Providing support to an organization’s existing internal audit capabilities.
- Strategic support to Heads of Audit to build a strong internal audit function.
- Providing audit methodology, training, and software advice
- Business process analysis of controls and processes
- Assessment to compliance to internal audit standards applicable to client’s industry
FAQ
Risk Assessment: Internal audit conducts risk assessments to identify and prioritize potential risks
faced by the organization. This involves evaluating internal and external factors that could impact
the achievement of organizational objectives, such as strategic, operational, financial, and
compliance risks.
Control Evaluation: Internal audit evaluates the effectiveness of existing internal controls designed
to mitigate identified risks. This involves assessing the design and operating effectiveness of controls
to determine whether they are adequately designed, implemented, and functioning as intended.
Testing Procedures: Internal audit performs testing procedures to verify the effectiveness of
controls in mitigating identified risks. This may include walkthroughs, testing of key controls, data
analytics, and other audit procedures to assess control reliability and consistency.
Gap Analysis: Internal audit identifies gaps or weaknesses in existing control frameworks that
expose the organization to significant risks. By comparing current control practices against industry
standards, regulatory requirements, or best practices, internal audit helps pinpoint areas requiring
improvement or enhancement.
Root Cause Analysis: When control deficiencies or risk events occur, internal audit conducts root
cause analysis to understand the underlying factors contributing to the issues. This involves
examining the systemic causes of problems rather than just addressing symptoms, allowing for more
effective risk mitigation strategies.
Recommendations for Improvement: Based on audit findings and analysis, internal audit provides
recommendations for enhancing control effectiveness and reducing identified risks. These
recommendations may include process improvements, control enhancements, policy revisions, or
organizational changes aimed at mitigating risk exposure.
Monitoring and Follow-Up: Internal audit monitors the implementation of recommended actions
and follows up to ensure that corrective measures are effectively implemented. This involves
tracking the progress of remediation efforts, validating the adequacy of corrective actions, and
verifying sustainable risk mitigation.
Risk Communication: Internal audit communicates key risk insights and findings to relevant
stakeholders, including management, the board of directors, and audit committees. This facilitates
informed decision-making and ensures that risk-related information is appropriately considered in
strategic planning and governance processes.
Training and Awareness: Internal audit provides training and awareness programs to educate
employees about risk management principles, control procedures, and their role in mitigating risks
within the organization. This helps promote a culture of risk awareness and accountability
throughout the organization.