About a month ago, we hosted a workshop, organised within the RSM network, which focused on internal audit. This event was a very interesting opportunity for us to meet people from all around the world, who have been engaged in this field for a long time. We would like to share with you our view on internal audit and our experience with it.
Internal audit is used to map and improve internal processes and internal auditing methods are defined by international standards and related code of ethics. Although it may seem unnecessary, it is quite useful to have an independent audit performed from time to time checking whether the process set-up is efficient and individual activities are protected against misuse or unauthorised disclosure of information. The old adage “Two heads are better than one” certainly does apply here. The outcome of an internal audit, which usually takes days or weeks, depending on the scope, is usually a report, which identifies potential risks, suggests solutions to tackle them or defines possible improvements.
If we look at the progress of internal audit in more detail, it all begins with an agreement with the client on the…
