Internal Auditing Service
Currently, “Internal Auditing” is a mandatory part in many corporate organizations. There are many different sources when you search the internet, but not all information is accurate. So, do you really understand the knowledge of internal audit yet? This article will be somewhat helpful for you!
What exactly is internal audit?
Internal audit is an independent, objective assurance and consulting activity designed to add value and address an organization’s operations. FAT’s internal audit service helps an organization achieve its objectives through the application of systematic and prescriptive methods to assess and improve the effectiveness of risk management, controls and processes. management of your business’s accounting system.
Main activities of internal audit
- Assurance: An objective examination of evidence to assess compliance, effectiveness and efficiency of controls in order to limit risks.
- Consulting: Including consulting on building internal audit process; control consulting for new projects; Consulting on the identification, assessmentand management of risks…
- Independently: Report professionally to the company’s management, administratively report to the General Director, perform audits and exchange audit results, etc.
- Objectivity: Internal auditors must have a fair, unbiased attitude and avoid conflicts of interest…
- Systematic: An objective risk-based audit method.
- Rules: Standards for internal audit activities in enterprises must be aligned with international internal audit standards set forth by the Institute of
- Internal Auditors as well as the provisions of the Law.
- Help organize risk management, ensure effective control, and evaluate and recommend to improve the efficiency of your company’s accounting system management.
Working principles of internal audit
FAT’s internal audit service operates independently and complies with the law. Including 3 main principles: independence, objectivity and professionalism.
Independence
Internal audit activities are not subject to interference when determining audit scope, performing audits and exchanging audit results. Independence needs to be managed at levels such as: internal auditor, audit project, function and organizational structure.
Objective
Internal auditors must be fair, unbiased and avoid conflicts of interest. As with independence, objectivity needs to be managed at levels such as audit project, function, and organizational structure.
Professionalism
- Personnel: Ensure each auditor has the appropriate knowledge, skills and competencies. Must be regularly trained to improve qualifications.
- Reasonable proficiency and care: The audits should be performed with reasonable proficiency and care. Monitoring must be carried out fully and effectively.
- Personnel relations and communication: Building effective communication and teamwork systems.
What is the role of internal audit?
In the operating system of a business, what is the role of internal audit in the business? Why is an internal audit necessary? In addition to many reasons that are understood in many different ways, for a company’s board of directors, board of directors, as well as legislators and shareholders, having a well-functioning internal audit system will help them:
Implemented strategies with the support of internal audit with accurate reports, contained risks and above all understand and do not break the law. Besides, shareholder value will also be guaranteed.
The management and operation process of the company is always ensured thanks to the rigor, consistency and general compliance from all levels, departments and sectors.
Externally: a well-operated internal audit system will also help businesses receive high appreciation and trust from domestic and foreign partners and customers. Besides, ensuring transparency and not worrying about unexpected or periodic checks from agencies related to the law on management and business.
Professional Ethics of an Internal Auditor
Every profession has its own ethical standards to evaluate. Particularly for the prestigious internal audit service founded by FAT, professional ethics is considered as our operating motto:
- Honesty, carefulness and responsibility.
- Comply with Vietnamese laws.
- Respect and contribute to the ethical and legal values of the business
- Continually improve staff qualifications, effectiveness and quality of audit services… Do not engage in activities that could lead to conflicts of interest.
- Exercise caution in the use and protection of information collected in the performance of duties.
- We are committed not to use information for personal purposes.
How to become a professional internal auditor?
It can be said that to hire a professional internal audit service company, you need to learn about many units. But it is difficult to distinguish which is the service that brings absolute benefits to your business. To help your business avoid “fake” accounting firms. We – FAT are always ready to provide extremely useful accounting and auditing services for your business.
Proud to be one of the leading internal accounting service providers in Vietnam, choose FAT and come to us. You certainly won’t be disappointed. Contact us now for more dedicated advice and guidance.