Internal Audit

Internal auditing activity is primarily directed at evaluating internal control, so as to achieve the below objectives

  1. Effectiveness and efficiency of operations.
  2. Reliability of financial and management reporting.
  3. Compliance with laws and regulations.
  4. Safeguarding of Assets

The focus is to deliver 4C’s reporting/finding which are

  1. Condition/Observation: What is the particular problem identified?
  2. Cause/Root Cause: Why did the problem occur?
  3. Consequence/Impact: What is the risk/negative outcome (or opportunity foregone) because of the finding?(May entail statutory/financial consequence)
  4. Corrective action/Recommendations: What should management do about the finding?

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