3D INTERNAL AUDITING SERVICES

What Is Internal Auditing?

Internal auditing is a function that can take a variety of forms and internal auditors can perform many different services. Internal auditing has come into the public eye in recent years due to Sarbanes-Oxley regulation and business’ effort to comply with the new regulations. Broadly speaking, internal auditing is a discipline that addresses a wide range of assurance and consulting services. Internal auditing services can be thought of as a general control function for businesses that are becoming increasingly decentralized.

The Purpose of Internal Auditing

While the form taken for internal auditing can vary somewhat by organization, the general purpose of internal auditing is to provide control and feedback on business operations. According to the standards for internal auditing, internal auditors must remain as independent and objective as possible to perform their job correctly. Some of the duties engaged in by an internal auditor include:

• Evaluation of a company or department’s compliance with laws and regulations
• Assessing the reliability of financial information,
• Determining the efficiency and usefulness of operations,
• Detection of fraud,
• Prevention of fraud and,
• Working with external auditors to ensure that all auditing needs are being met but not overlapping where unnecessary.

The business world is always changing, and internal auditors are being asked to change with it. Whether you're an independent small to mid-size company or a multi-billion dollar publicly-held entity, you're expected to keep up with it all. That's where we come in. From detecting and deterring fraud to monitoring business operations, our customized internal audit solutions will meet your ever-changing needs.

With specific industry knowledge and relevant certifications (including ACCA, CIA, and CISA), 3d solutions audit professionals can help in the following ways.
Our Internal Audit team takes a flexible, pro-active approach, based on established frameworks, to provide your business with effective controls, timely business intelligence and an independent view of performance.

We can help you with:

• Setting up a new internal audit function
• Benchmarking an internal audit function
• Corporate Governance reviews
• Providing a fully outsourced internal audit services
• Providing a co-sourced internal audit Services

Internal Audit Co-sourcing:

• Provides access to skilled audit resources without permanently expanding staff
• Allows Audit Directors to focus on core processes
• Enables immediate response to special audit requests

Internal Audit Outsourcing:

• Includes development of risk-based internal audit plan
• Enables better performance monitoring of core operations and support functions
• Ensures proper levels of controls

Fraud & Forensic Auditing:

• Resolves complex financial disputes
• Assists in fraud investigation
• Provides expertise and assistance for restated financial reporting

Audit Committee Advisory:

• Improves structure and efficiency of internal audit activities
• Exposes audit-related risks
• Identifies gaps in resources and skills
• Provides continuing education and other advisory needs

Operational Audits:

An operational audit is a review of any part of an organization’s procedures and methods for the purpose of evaluating efficiency and effectiveness. At the completion of an operational audit we will submit recommendations for improving operations.

Operational audits can be carried out in many different areas for evaluating operational efficiencies. These could range from evaluating the efficiency and accuracy of processing payroll transactions to more complex engagements such evaluating the efficiency, accuracy and customer satisfaction in the process of collection, shipment and delivery of packages by a courier service.

Through operational audits undertaken to meet your specific needs we could assist you in improving your operational efficiencies.
Fraud Investigation:

In fraud investigations, we go beyond standard audit procedures. These involve business / employee fraud investigations and business economic loss analysis. Such assignments require additional skills that include investigative techniques, interviewing techniques and financial data reconstruction.

Business investigations can involve funds tracing, asset identification and recovery and forensic intelligence gathering. Employee fraud investigations often involve procedures to determine the existence, nature and extent of fraud and may concern an effort to establish the identity of a fraud perpetrator. Our approach to a fraud examination involves a planning meeting with the client, performing an engagement acceptance check, performing a preliminary investigation, development of an action plan, obtaining the relevant evidence, evaluation of the evidence and reporting.
Compliance Audits:

A compliance audit is carried out to determine whether the organization is following specific procedures, rules or regulations set by a higher authority.

Compliance audits could include determining whether accounting personnel are following the procedures prescribed by the company, examining contractual agreements with bankers and other lenders, compliance with stock exchange directives, central bank directives or governmental regulations.

Typically, results of compliance audits are reported to the specific persons or authority seeking an assurance in the concerned matter rather than a broad spectrum of users.

Agreed Upon Procedures:

An agreed-upon procedures engagement involves carrying out procedures of an audit nature to which the auditor and the entity and any appropriate third parties have agreed and to report on factual findings.

Such procedures are potentially broad ranging and can be undertaken in any area where the client and the user consider it to be beneficial to carry out audit procedures in relation to a matter causing concern and report thereon. Areas could include providing an assurance that the accounts payable schedule is accurate or an inventory valuation has been carried out using correct rates that tie up to purchase costs. Reports prepared would not express an opinion but list out the procedures carried out and the factual findings.

Suit # 7, Nobel Heights, KDA Scheme # 7, Opposite Sales Tax House and Askari Park Main Univeristy Road, Karachi.
Ph: 9221-34857148, 9221-34141329 and Fax: 9221-34141329 or info@3dsolutions.com.pk
Management 3D Solutions – A Total I.T Solution Company

W