Internal audit

Internal audit

For a long time, the internal audit functions were performed by the company’s full-time specialists. Today, control within the organization is not limited to the assessment of operating activities, but requires the involvement of specialists in financial forecasting, risk management, and the protection of assets and business information. The maintenance and motivation of staff is a costly task, so companies outsource their internal audit. Services of risk assessment, implementation of an internal control system are offered by UCMS Group.

We serve clients in Kyiv, in other cities of Ukraine, in foreign countries. Specialists have the industry and technical expertise required to operate effectively.

Objectives and types of internal audit

The global tasks of internal corporate audits are assessing risks, finding ways to reduce them, and increasing the profitability of business processes. Management initiates similar activities on the eve of external audits to detect corporate fraud, assess the reliability of contractors, and verify the accuracy of financial and accounting reports.

Effective internal controls give business owners and senior management the confidence to achieve their goals in the best possible way. Practice shows that the control organized by the company’s forces has a formal character, does not cover key processes, and is perceived by the personnel as an additional burden.

For the business to really develop, be protected, it is advisable order an internal audit from an external contractor with a multidisciplinary staff.

This can be done in several formats:

  • transfer to the team or representative audit the company has all the functions of internal control. Small organizations do this;
  • use partial outsourcing. The format is optimal for large businesses;
  • attract external auditor to perform one-time tasks.

The assistance of our specialists helps entrepreneurs and businessmen to adapt to changes, benefit from transformations, and competently solve possible problems.

Internal audit outsourcing services

Internal audit procedures are designed according to the risk profile. The standard package includes:

  • checking financial, tax and management reports for compliance with legal regulations;
  • study of the main business processes to identify risks and develop proposals for their reduction;
  • analysis of the organization of accounting and personnel records, workflow, budgeting, financial planning;
  • assessment of the asset control system, reputational risks.

Based on the analysis of the customer’s business processes, we develop an exclusive set of services, issue a comprehensive conclusion based on the results of analytical work.

The cost of an internal audit depends on the volume, complexity of the outsourced processes, and the time it will take to complete the work. The total amount is agreed with the customer and fixed in the contract. To get acquainted with the cost of certain types of activities, use the price list on our website.

Pros of outsourcing internal audits

By outsourcing internal audit, the client receives the following benefits:

  • awareness of possible risks, threats;
  • access to expert control methods;
  • objective assessment. The impartiality of the external auditor gives an independent look at the usual processes;
  • recommendations for the development of corrective measures;
  • improving management techniques, safeguarding assets by eliminating abuse;
  • increasing the efficiency of the use of material, labor, time resources, inventory.

The practice of our work shows that there are often both hidden reserves for optimizing the tax base and unobvious risks during each audit. Contact UCMS Group to find them in your business.