MNZWAJ Associates offer wide spectrum of internal audit services which is comprehensive and not limited to simply compiling process descriptions but we can do much more than put the necessary audit tools in place. We also generate a job profile that details all the knowledge and skills that are required for each position, then we conduct the interviews and help you with the decision making process.
Setting Up Internal Audit Department
We can assist the organization by determining the resource requirement, recruiting staff and developing an operating plan. At a preliminary stage, we provide assistance in performing a start–up analysis to assess the costs and benefits to be derived by the organization from internal audit. The assessment consider the structure of the organization, the degree of autonomy of each operating unit and the organization overall control culture and management philosophy
Outsourcing and Co-sourcing Internal Audit Function
Outsourcing is when an organization out sources the function to an external consultant. While Co- sourcing is when the internal audit staff of an organization work together with us (the external consultant) to conduct any internal audit services. Outsourcing can help an organization reduce costs, free up capital, and enhance its ability to focus on its core competencies. It can also provide an opportunity to tap into specific skill sets, better practices, industry and corporate audit knowledge, and geographically dispersed resources. Meanwhile, co-sourcing can supplement the organization internal audit staff, manage specific areas of your internal audit program, launch projects, and help improve the effectiveness of your internal audit function.
- The internal auditors› core Enterprise Risk Management (ERM) role is to provide objective assurance to the board and senior management on the effectiveness of the ERM activities. This will ensure key business risks are managed appropriately and the system of internal control is operating effectively.
- We also have additional legitimate internal audit roles and consulting activities that may help to protect the internal auditor’s independence and objectivity when accompanied by adequate safeguards.
Assessment of Internal Control
Internal audit provides an objective, independent review of activities, internal controls, and management information systems to help the board and management monitor and evaluate internal control adequacy and effectiveness. Evaluate the internal control implemented in the operation of the company can assist the company to mitigate risk in achieving its objectives and goals.
Our approach is a continuous process that assesses changing risks and formulates an internal audit plan addressing the primary concerns of management and the Board of Directors. We collaborate with clients to assess its risks and agree upon an audit plan and schedule. Our internal audit services are flexible and designed to complement a client’s organizational and strategic needs.
Shariah Assurance & Auditing
- We identify the risk possible for the company; operational risk, market risk, and propose the areas of improvement to be taken in order to mitigate the risk in ensuing the efficiency of the operation which lead to the successful of the business.
- We use broader portfolio approach and deal with risks and opportunities affecting the creation or preservation of organizational value.