Can an Internal Audit help with identifying fraud? We provide anti-fraud advice surrounding the framework in place as well as identifying vulnerabilities in controls, completing spot checks in higher risk areas, such stock, warehousing, payroll and finance office services and governance. We also provide a post-fraud investigation service. What are the areas you are currently being asked us to focus on? Recent assignments have focused on GDPR compliance, health and safety, financial controls, IT infrastructure, human resources and staff performance management and customer satisfaction. …but it’s expensive isn’t it? There are different approaches to meet different needs, for example:- • short, high-impact health check reviews that focus on key areas of risk, such as financial controls; • assurance reviews that focus on a full range of services delivered in a given area; • annual audit plans, where a number of different audits are completed during the year, and which can then provide an overall report at the year end. In a number of instances, our work has resulted in direct savings for our clients through our recommended improvements to controls and workflows. We also use specialist software that can interrogate 100% of a data population; in a number of cases this has enabled us to identify duplicate payments made to suppliers, which clients have then been able to recover. There is also the point that exposing and correcting risks in the short term can prevent them from becoming ruinous in the long term. To find out more about Internal Audit services please contact Paul Goddard on paul.goddard@scruttonbland. co.uk 01473 267033 for more information.
It’s not about finding fault? Certainly not. As auditors we deal with issues that are fundamental to the survival and prosperity of any organisation, looking beyond financial risks. Our primary aim as auditors is to help organisations to succeed . We do this through a combination of assurance and consulting. The assurance part of our work involves advising managers and governors how well their systems and processes are working. Then, we offer consulting services to help to improve those procedures where necessary. Fundamentally internal audit is about identifying any issues as early as possible, before they become a problem or risk. We help you manage risk All organisations face risks. For example, risks to reputation, health and safety, supplier failure, cyber and data security, regulatory and statutory compliance and financial risks as well as unknown risks. The key to an organisation’s success is to manage those risks as effectively as stakeholders demand, and more effectively than their competitors. So, for example, if managers have concerns around the efficiencies within their finance department, we would identify opportunities to improve current practice. This might mean recommending operational changes, or introducing new technology. Or perhaps a major new project is being undertaken where we can help to ensure that project risks are clearly identified and assessed, for example preparation for compliance with the General Data Protection Regulations (GDPR). How does the audit help the reputation and running of a business? By reporting to the executive on risk evaluation, and highlighting where improvements are necessary, we can help management and boards demonstrate that they are managing their organisation effectively on behalf of stakeholders. Operationally, managers need to understand how much risk their organisation is willing to live with, and implement controls to ensure these limits are not exceeded. Some organisations will have a higher appetite for risk if they need to respond quickly to changing trends and economic conditions. In these situations, an internal auditor is very helpful to help the business articulate their risk appetite and develop an effective means to track, evaluate and mitigate these risks.
What is an Internal Audit? For those organisations that are required to have an Internal Audit or have independently asked us to carry one out, our role and value is well understood (well in most cases!). But for others, the role of an Internal Auditor is often somewhat of a mystery. Put simply, we are here to enhance and protect your organisation’s value by providing risk-based and objective assurance, advice and insight. In practice this means that by evaluating a business’s systems and procedures, we can give independent assurances that their risk management, governance and internal control processes are operating efficiently and effectively. Furthermore, our independence enables us to provide an unbiased and objective view of the areas we review. Who is required to have Internal Audit? Within the Financial Services and Insurance Sectors, Internal Audit is a mandatory requirement. Within the public sector, Internal Audit is required in most cases. Charities are not required to have an Internal Audit presence although the Charity Commission Guidelines and the supplementary Charity Governance Code clearly points to seeking independent external assurance. Who can benefit from Internal Audit? Our experience has been that we have made a significant positive contribution to all of our Internal Audit clients. We will usually have most impact where a business has not previously sought Internal Audit advice. These are often organisations where we are immediately able to give practical advice, often improving efficiencies and saving time as well as improving compliance. Who sees the results of the Audit? We report to the highest level of financial accountability in an organisation: typically this will be the board of directors or trustees, the accounting officer or the audit committee.
B U S I N E S S A D V I C E | S C R U T T O N B L A N D | 1 5
Made with FlippingBook - professional solution for displaying marketing and sales documents online