NEW CASTLE INSTITUTE - UK USA CERTIFIED TRAINING PROGRAMS IN LAHORE PAKISTAN - Internal Audit Services in Pakistan


Internal Audit Services in Pakistan

According to the Institute of Internal Auditors, “internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.” Simply said, internal audit is responsible for monitoring the effectiveness of the internal control processes that have been established by management.

Business Setup Pakistan

Internal audit serves many purposes, but the principal tasks include:

  • Risk assessment – Assisting management with identifying and prioritizing areas or processes that require attention and audit focus
  • Process walkthroughs and documentation – Gaining an understanding of the processes and procedures as they currently exist, especially with respect to the IT systems utilized in the processing of high volumes of policyholder/claims data
  • Control assessment – Identifying gaps, also known as “trouble spots,” where procedures and controls are not properly designed
  • Testing – Performing tests of controls to verify whether controls are working as designed
  • Reporting – Providing observations and recommendations to improve processes and controls.

NEW CASTLE internal audit services include the following:

  • Assessing/ preparing Internal Audit Manual for the organization and Study of control objectives
  • Advising organizational procedures being followed
  • Analyzing Accounting and Audit manual
  • Practicality and viability of existing controls and areas of improvement
  • Assessment of risks and open points
  • Checking the controls instituted within the system
  • Determining controls that are adequate to meet control objectives
  • Working out possible areas of improvement
  • Comparison of written control policies and adherence to same
  • Measuring deviation at test check levels
  • Deciding on degree of control which is adequate depending upon organization to organization
  • Consideration of Fraud in internal audit
  • Internal audit sourcing and outsourcing
  • Assets at risk and their protection
  • Audit of Corporate Governance
  • Evaluation of department for internal controls, if exist
  • Legal and situational internal control advisory
  • Process Audits
  • Helping protect assets and reduce the possibility of fraud
  • Improving efficiency in operations
  • Establishing monitoring procedures
  • Increasing financial reliability and integrity
  • Ensuring compliance with laws and statutory regulations
  • Improves the “control environment” of the organization
  • Benchmarking Internal Audit performance
  • Transformational change strategies
  • Advising on optimum resourcing models
  • Providing co-sourcing/outsourcing services
  • Improving the quality, productivity and value of in-house services
  • Enhancing Internal Audit methodologies to improve audit execution
  • Advising on and supporting audit technology selection and implementation
  • Developing and delivering training plans.
  • Makes the organization process-dependent instead of person-dependent
  • Identifies redundancies in operational and control procedures and provides recommendations to improve the efficiency and effectiveness of procedures
  • Serves as an Early Warning System, enabling deficiencies to be identified and remediated on a timely basis (i.e. prior to external, regulatory or compliance audits)
  • Ultimately increases accountability within the organization, Serves as an Early Warning System, enabling deficiencies to be identified and remediated on a timely basis (i.e. prior to external, regulatory or compliance audits)

   

Internal Audit Facts & Benefits to Corporates

  • The scope of the internal audit is defined by management or the Board (not an outside agency or adversarial entity)
  • Internal Audit “reports” directly to management or the Board (not an outside agency or adversarial entity)
  • Improves the “control environment” of the organization
  • Makes the organization process-dependent instead of person-dependent
  • Provides recommendations to improve the efficiency and effectiveness of procedures
  • Serves as an Early Warning System and remediated on a timely basis
  • Ultimately increases accountability within the organization.

 

Business Setup Services in Pakistan

Our Certified Skills & Trainings are available throughout the year in LAHORE, ISLAMABAD & DUBAI. We provide 100% Practical Skills & Project Based Trainings. Opportunities for internship and job for Select candidates and their placement on international projects.

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