With increased scrutiny by regulators and other stakeholders, the demands on the Internal Audit department are always increasing. 

The Internal audit function should be an independent, objective assurance activity that is designed to add value and improve an organization’s operations. It helps evaluating and improving the effectiveness of the risk management, control, and governance processes.

A phased audit approach is generally used to conduct, monitor and complete internal audits promptly and professionally. 

Notwithstanding the foregoing, this approach may not be followed for specific special projects requested by an Audit Committee, during fraud or financial irregularity audits and under other special circumstances, including ad-hoc audits where the process may be circumvented to ensure that critical risks raised are mitigated in an effective, timely manner. 

The internal audit team at FF International assists clients conducting a phased internal audit approach:

• Preparation of the audit plan
• Identification of relevant preliminary risks
• Preparation of audit criteria
• Gathering audit evidence
• Identify findings
• Determine gaps
• Record findings & proposals
• Obtain the auditee’s feedback
• Reporting to the audit committee
• Participation in audit committees
• Testing and implementation of approved changes

We believe that our approach is the most correct approach since the team entrusted with the preparation of the accounts should be independent from the auditors of the company. 

By coordinating the audit, we also advice clients on the type and profile of auditor which is most suitable for their company. 

We also act as an oversight to ensure that the audit is concluded in a timely manner to avoid any unnecessary penalties for late filing. 

We advise clients on the type and nature of the supporting documentation which are typically required at audit stage. 

Our audit coordination approach also removes any conflicts of interest which might arise if and when the auditors are preparing the accounts or giving advice on tax sensitive issues.