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HLS Risk_Advisory_Services

Internal Audit, Risk Management and Corporate Governance

 


 

Are you facing one or more of the following situations?

 

1. You are concerned with the risks that your organisation is facing.

 

2. You are concerned with the efficiency of your organisation's business operations and overall performance but do not know what has gone wrong, where and how to improve it.

 

3. You find it difficult to recruit and/or retain qualified, competent and experienced internal auditors.

 

4. Your organisation considers internal audit to be a non-core activity, and would consider outsourcing to an external provider.

 

5. You need to comply with corporate governance requirements.

 

6. You need to assess the effectiveness of your risk management and internal audit procedures. There is a growing recognition among organisations today that a comprehensive approach to risk management and controls is necessary in order to identify and mitigate risks and improve overall business performance.

 

Generally, problems arise because of a breakdown within the internal control system. As stated in The Committee of Sponsoring Organizations of the Treadway Commission's (COSO's) Internal Control-Integrated Framework, internal control is a process aimed at achieving objectives related to:

 

(1) Effectiveness and efficiency of operations;

(2) Reliability of financial reporting; and

(3) Compliance with applicable laws and regulations.

 

Internal auditing is responsible for evaluating the controls and making recommendations for improvement when controls are not working as intended.

 

 

Your key benefits

We provide full outsourcing and co-sourcing internal audit (IA) services which benefit your organisation:

 

• Encompass major business risks

• Improve decision making

• Comply with corporate governance requirements

• Leverage on external expertise

• Optimise available resources – reduce fixed staff costs

 

 

Our methodology

We use a risk-based approach to perform an internal audit on your organisation's processes and systems, with the overall objective to identify control gaps or weaknesses and provide recommendations for improvement. This is more cost-effective as it focuses on the key risks areas of your organisation.

 

Our recommendations will not only correct problems but also address the cause of these problems. This is the difference between cleaning up the "spider webs" (simply fixing the current problem) and "killing the spider" (addressing the root cause to mitigate future occurences).

 

 

Contact Us - Internal Audit Services

Malcolm Heng

Tel: 6423 9969

Email: malcolmheng@hlsllp.com.sg