In general, people tend to underestimate the value of an internal audit program and what it means for running a successful company or any type of business. Regardless of the size of the company, managers should take internal auditing quite seriously if they want to take their business to the next level and ensure growth.
And, luckily to all business owners or CEOs looking for Northern Australian internal audit services, Latitude 12 – a Darwin-based agency providing the best business management solutions in remote and regional Australia – is here to help. Latitude 12 will offer the best business solutions and ensure that all of your business assets are properly secured and that your business is operating effectively.
What is Internal Auditing?
Namely, internal auditing is an objective and independent assurance activity specifically created to improve a company’s operations and help businesses achieve goals by evaluating and improving the effectiveness of control, governance, and risk management processes. Speaking more precisely, internal auditing will provide a closer look into the culture, procedures, and policies of an organisation.
Why is Internal Auditing Important?
Now that we know what internal auditing entails, let’s move on and have a look at the reasons why an internal audit is important for running a successful business:
- Objective Insight
Of course, you can try to conduct internal auditing on your own. But, would it be objective? Probably not. Hence, you’d better hire an internal auditor or an agency, like Latitude 12, to get an objective insight. By having the internal auditing done by someone unbiased, it will ensure everything is being looked at with fresh eyes which leads to a more honest and in-depth analysis.
- Efficiency of Operations
Are you ensuring you are doing what you say you’re doing? Are your policies and procedures in accordance with your operations? By having an internal audit review your policies and procedures you can receive recommendations to improve the effectiveness and efficiency of operations and receive assurance that there aren’t any gaps in your policies and procedures.
- Risk Management
Internal auditing will identify and prioritize risks and allow for a recovery plan to take place. It will also keep records of any changes and ensure risk mitigation.
- Compliance Goals
Finally, regular internal audits will help your business ensure compliance with laws and regulations, accurate and timely financial reporting and data collection. This also means that you, as a business owner or a CEO, will have peace of mind when the time for an external audit comes and avoid any potential costly non-compliance fines.
We can conclude that internal auditing affects almost every aspect of your business. So, don’t hesitate – contact Latitude 12 today! Start building your internal audit program with us and help your business grow.