When you talk about business finance, you can’t separate its vital branches –accounting and audit. Accounting involves the systematic process of recording and presenting the financial condition of the company, while the audit refers to the autonomous examination of the financial and accounting records to determine if they comply with generally accepted accounting principles (GAAP).
What Does Internal Audit Mean?
Through this process, the auditor will evaluate the internal controls, which will help achieve organisational efficiency and identify potential risks to the company. The internal controls include the accounting process and corporate governance of the organisation. More importantly, the Internal Audit Services will ensure that the company complies with the rules and regulations of Malaysia. The internal auditor may come from the organisation itself, but most companies outsource the process to professional services that possess the expertise and experience to deliver accurate and optimum results. Internal auditing not only involves compliance management but also advising the senior management and board of directors on how to perform their roles and responsibilities better. Small and medium enterprises may not have the right talent to conduct the exhaustive internal audit. As such, they find it cost-efficient to hire our independent auditors who are noted for their efficiency and objectivity. Here are what you can expect from Bestar Consulting:
- Help you comply with governance requirements
- Review your operational and fiscal efficiency
- Improve the internal control
- Determine good practices and compliance requirement
- Design the organisation’s Enterprise Risk Management (ERM)
- Review the Internal Audit function
- Provide extra manpower to existing internal audit teams
- Advise management on how to improve methodologies for more efficient internal controls
Benefits of Having Internal Audit Services
With our vast network of independent accounting firms, we can tailor our packages according to the needs of our clients, whether they are an SME, a newly built business, or a blue-chip corporation. Here are some of the benefits of Internal Audit Services:
- Increases accountability
- Serves as a timely warning, enabling your organisation to manage your deficiencies and take steps to resolve them
- Assists in setting up a company and implementing internal audit methodologies.
- Support companies by detecting potential risks.
- Improves ‘Control environment’
- Identifies redundancies in process and control procedures.
- Makes recommendations to improve the efficiency and effectiveness of internal controls.
What We Can Do For You
We are fully equipped to handle the different challenges presented by each organisation. Being in this business for several years, we understand the importance of precision and competence, and we strive to understand the unique perspectives of each company to design a solution that will address all their internal audit needs.