Don't find fault, find a remedy. - Henry Ford
Auditing is often associated with public sector and large companies, and for their management and staff, it is not a very foreign concept.
However, from my professional experience, the reality is different. Well, a prepared audit can lead to meritocratically and financially stable position in any business, even these small-sized companies. Companies that ignore the importance of auditing, co-operation and support from qualified auditors put their business at higher risk and decrease their full potential. For some of the companies approaching the right auditing service provider might be the beginning of the successful business growth experience. The benefits of having internal audit prioritised are visible in a very short period. Businesses can get a decent idea of how they are doing in operations by examining company data on their own. However, sometimes those close to the company don't review this data completely objectively or are so familiar with procedures that it is challenging to come up with other approaches to finishing work. To truly gain a good picture of whether the company is operating well and get fresh ideas of how to improve, businesses and other organisations may turn to the operational audit process.
Having over six years of experience and being a member of IIA, we will happily look after your company in every single step of the Operational Audit Process.
As a first step, we will evaluate the operational activities of a given company or other organisation. The process is very similar to the methods for other forms of audits, such as the financial audit, but the operational audit process is a much more in-depth review of the business. It usually does not focus on a single department or project, because each department plays a role in the overall operational process and is interconnected. The goal of our operational audit process is to determine whether the internal controls of the business, such as policies and procedures, are sufficient to produce an optimum level of efficiency and effectiveness. In simple words to reduce wastages and potential threats. These actions are critical for businesses because of a lack of efficiency and effectiveness typically translates to fewer sales or increased operational costs, which sometimes mean the inability of the company to compete and stay in business.
DO NOT FORGET! Internal audits provide many essential services to company management. These include detecting and preventing fraud, testing internal control, and monitoring compliance with company policy and government regulation. Smaller companies may require these functions even more than large companies. A small business cannot afford employee fraud, waste, or a government fine. Establishing an internal audit function provides a vital step in the growth of a small business.