Internal Audit & Controls
How we can help
The precedent set by good governance is about running operations in an open, honest and transparent way as well as following the rules and legislation pertaining to good practice and fostering an honest work culture, open operating style and secure structure with a clear approach on how to apply these principles.
We at RFBS understand that whilst any organisation such as a business, charity or public sector entity, may strongly benefit from outside support within their business to assist with the day-to-day, offer important advice and information for key decision making and freeing up time whilst they carry out the finance function, the business can often find that it needs to also monitor it’s internal workings such as it’s controls, technology, management and governance processes with a view to improve and strengthen these to reduce internal risk to prevent significant financial loss and allow key business stakeholders to run the business in a objective, compliant, safe and risk mitigating way.
Our internal audit function allows to work with a range of different clients such as charities, public sector organisations, limited companies and partnerships and large enterprises. Usually, an internal audit can only be carried out by:
- An employee of the organisation – usually for smaller organisations
- An internal audit department – usually for large businesses with a non-executive committee of their board of directors/trustees
- A suitably qualified external accountant engaged on a consultancy basis.
The results and reporting generated from our internal audit process are generally used internally by key management personnel within the organisation and is designed on improving systems and controls for better performing functions within the organisation.*
*The firm is not currently licensed to undertake external statutory audit work of financial statements at this time.
Our help and advice can include
- Assisting with the corporate governance principles, SORP and best practice relevant to each entity’s status
- Preparing an internal controls policy and advising management on how to apply this
- Providing practical advice to management to improve internal controls
- Reviewing the internal controls policy and it’s application to mitigate risk
- Reviewing the internal financial function and mitigating risk
- Reviewing the internal technological systems and mitigating risk
- Strategic business reporting and risk mitigation
- Testing risk areas and offering recommendations with each organisations resources to improve this to mitigate risk