For purposes of the International Auditing Standards, the internal control system (ICS) is developed, implemented and maintained to reduce business risks that jeopardize the achievement of any of the Company's objectives relating to:
An approach to the development, implementation and maintenance of ICS depends on the scale of business, the organizational structure and identity of the company's activities.
In view of the above goals of the ICS, the internal audit functions may include:
To organize the internal audit service is possible through:
creation of own internal audit service;
delegation of internal audit functions (in whole or in part) to external consultants (outsourcing).
ARBAudit performs functions of internal audit, including, on terms of full or partial outsourcing. In addition, partial outsourcing can consist both in the performance of individual functions of the internal audit service, and in the setting up or testing the ICS completely or in separate elements. Elements of such outsourcing can be, for example:
testing of accounting and tax accounting, including for companies with complex organizational structure, checking the adequacy of the information collecting and documenting from the moment the transaction initiated to its inclusion in the financial and (or) tax reporting, in conjunction with all structural divisions of the company;
inventory of stocks and fixed assets, including testing of the internal control system for safety, target use, and efficiency use of assets;
testing of the procurement system for compliance with legislative requirements and internal regulations;
verification of payment discipline and others.
The main advantages of attracting independent specialists in relation to internal audit services, are:
Specialists of ARBAudit have considerable experience in providing internal audit services for large companies, including subsoil users, for example: