The Internal Audit function within an organization is meant to add value and improve its performance by anticipating potential risks and putting effective controls in place. Therefore, it plays a crucial role in helping companies implementing an efficient and informed decision-making process. A reactive approach towards Internal Audit is no longer an option for companies seeking to achieve good governance. Business owners must be active and ensure they are able to manage potential risks and opportunities in their industry and business environment. At BGD, we count on a team of certified auditors who apply the latest tools and resources to ensure your business operates in full compliance with its industry’s specific best-practices and guidelines. These professionals can assist you in developing and implementing audit plans aligned to your goals and objectives, balancing priorities and resources to ensure you stay on top of emerging risks and opportunities.
Internal Controls Assessments
Having an effective set of internal controls in place is crucial to protect your company’s financial assets and ensure reliability in your financial reports. However, more than just implementing a control environment within an organization, there is a need to monitor and assess the effectiveness of these controls – and this is where many companies fail, leaving opportunities that can ultimately result in frauds and damage to their reputation. BGD helps organizations to design, implement and monitor a set of internal controls specific to their needs. In this process, we can help you:
- Reduce costs associated with compliance work
- Improve control to mitigate risks
- Enhance the reliability of Financial Statements by implementing internal controls
One of the most popular business principles says ‘if you cannot measure it, you cannot improve it’. Regardless of the size of an organization, the goal is always to enhance the business performance. Although measurement techniques have become more popular among businesses in the last couple of decades, many organizations still fail in collecting key data, specific for their business operations, and using it in an integrated system to improve performance beyond their financial statements. An accurate assessment of your business performance can set the grounds for development and growth. At BGD, we help business owners develop an effective strategy to measure the performance of their organizations, including:
- Determining goals and objectives
- Defining desired outcomes
- Implementing KPIs (key performance indicators)
- Gathering relevant data
- Establishing reporting systems.
This strategy allows us to identify your current situation and ensure that your business operations are compatible with the goals and objectives set. We go an extra mile and also address the opportunities and challenges found and provide recommendation as to how to deal with them in the best possible way.
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