- (852) 2815 1688
- info@BizGearCorp.com
- Rm 225, Mega Cube, 8 Wang Kwong Road, Kowloon Bay, Hong Kong
Exploring Definitions, Scope, Deliverables, and Key Differences
Advisory activities agreed upon with the client to add value and improve organizational processes.
Three parties: Process owner, internal auditor, and user of assessment.
Focus on Key Performance Indicators (KPIs).
Focus on effectiveness and efficiency of operations.
Operational Audits
Ensure adherence to financial control processes.
Financial audit assurance engagements
Room 225, Mega Cube, 8 Wang Kwong Road, Kowloon Bay, Hong Kong (852) 2815 1688 info@bizgearcorp.com
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Example: A logistics company optimizes its supply chain through process reviews and new software solutions.
Example: Comparing employee engagement levels against industry standards to identify areas for cultural and workplace improvements.
Consultants provide expert advice to address specific challenges or opportunities.
Consultants manage projects such as ERP system integrations, ensuring smooth execution and post-implementation support.
Developing new products or services to align with consumer trends and drive competitive advantage.
Financial audits ensure adherence to processes and procedures controlling financial activities. Reliable financial reporting is a key objective, satisfying legal and regulatory requirements while promoting efficiency and stewardship.
Compliance audits evaluate the adequacy and effectiveness of controls that ensure adherence to applicable laws, regulations, contracts, and internal policies.
Internal auditors perform efficient and cost-effective audits by focusing on Key Performance Indicators (KPIs), which reflect progress toward organizational objectives. Types of KPIs include quantity, accuracy, cost, timeliness, capital, and revenue standards.
These audits focus on governance, risk management, and controls related to operational efficiency and effectiveness. They are often referred to as management audits in government environments.
A useful and efficient approach for managers and internal auditors to collaborate in assessing and evaluating control procedures. This assessment integrates business objectives and risks with control processes.
Internal auditors measure an organisation’s current operations against a set of standards or controls. We assess the quality of the organisation’s controls and determine if controls are being updated and enhanced as organisational activities, industrial practices, and technology evolve over time.
Due diligence involves investigating a person, business, or financial transaction to establish the value of an entity or transaction and the cost of associated liabilities.
Common situations include:
