Services - Internal Audit Services

Audit & Assurance

Investigations & Special Assignments

Due diligence

Internal Audit Services

Internal Control Implementation & Review
Never but now has there has been such a focus on internal controls for businesses of all sizes. Internal controls have gone from often being an afterthought to forming an essential and integral part of a company’s infrastructure. Internal controls are no longer about outdated policies and practices but rather to a range of practices from the tone at the top delivered by the Managing Director and the Board of Directors to the day to day tasks performed by employees.

As a result of the changing risks facing businesses today, such as globalisation, new market penetration and mergers & acquisitions, it is of utmost importance to ensure the accuracy and validity of management information through the business’s existing internal control practices. This is all the more necessary with the emerging Governance Standards.

At FACT Audit , our audit specialists will assist in assessing your internal control system ensuring that it is not based on duplicate and manual processes rendering it too costly to operate. We will ensure also that we will keep your internal controls personnel trained on all of the emerging technologies and systems that your company needs to compete.

Where controls have been designed and implemented by the company, FACT Audit audit specialists will establish whether this has been done in a structured or unstructured manner, identifying and ensuring that all particular risks are being properly addressed. In most of these cases, these controls are manual as they are put in place at the spur of the moment and / or to overcome a limitation in IT systems used. Such controls evolve by department rather than by function, often resulting in duplication of controls within a company.

FACT Audit will assist in the implementation of a structured system of controls within a company and will therefore ensure that the controls put in place provide added value in terms of effectiveness and efficiency in addressing an identified risk. Unstructured systems will bring with them duplication of tasks and the performance of superfluous controls that do not address a valid risk should be avoided. Additionally, certain risks may remain unaddressed.