The core purpose of internal auditing is to provide insight into an organization’s culture, policies, procedures, and aid board and management oversight by verifying internal controls such as operating effectiveness, risk mitigation controls, and compliance with relevant laws or regulations. In a complex and fast evolving business environment, internal audit as a third line of defense in the governance and operations of an organization, can play a crucial role in helping organisations achieve their strategic objectives. Organisations that effectively use internal audit are well placed to identify emerging business risks, operational inefficiencies, take remedial measures and undergo continuous improvements in the business processes.
Internal auditing is a catalyst for improving an organization’s governance, risk management and management controls by providing insight and recommendations based on analyses and assessments of data and business processes. With commitment to integrity and accountability, internal auditing provides value to governing bodies and senior management as an objective source of independent advice.
As business environments evolve, organizations face emerging risks that challenge the traditional strategies and assumptions. Resilience is key to survival, and companies need to achieve a right blend of governance, risk-management, regulatory compliance, and performance. Similarly, internal audit also needs to re-invent and adapt itself and be agile to address the ever-changing risks to an organisation. To be considered as a valuable resource of the organization, it will need to invest in new tools and technologies such as data analytics.
At Forthright, we leverage our experience in internal audits to becoming a trusted business advisor. Our multi-disciplinary team with expertise in financial and operational audits, business process reviews, risk assessments, IT control reviews, etc., can augment and enhance an organizations’ existing internal audit capabilities. Working closely with senior management and audit committees, we have helped several organisation make better strategic decisions and develop a high-quality internal audit function that improves business performance, turning risk and compliance into opportunities thus enhancing organizational value.
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