Contact us on 07 3263 7030 or tax@mcfillin.com

Internal Audit

Key Processes Review

We review your business to ensure you have the controls in place to minimise risk and protect your assets. We ensure you comply with your regulatory obligations and mitigate the risk of fraud, workplace accidents, cashflow problems or other internal and external threats.

We help you create documentation that makes it easy for new employees to understand and comply with your risk minimization practices. These systems also make your business easier to sell, insure, finance and attract investment in.

Our key processes review includes two key components:

 

Financial Processes Review

We carry out a thorough review of your financial processes to understand your current risks and the controls you have in place to manage them. We then design and document the following 4 key processes to ensure your business is as financially secure as possible:

  • Purchase to pay
  • Order to cash
  • Financial close
  • Payroll

 

Business Processes Review

We analyse your business to understand the overall commercial risks you face. We then design and document a system to minimize and control your risk in the following 5 areas.

  • Procurement
  • Production / manufacturing
  • Distribution
  • Sales
  • Marketing

 Audit Readiness

Properly planning for an audit can save your finance team a considerable amount of time and angst when the audit team is on-site. A smooth audit process ensures minimal interruption to your business and ‘no surprises’ with respect to the final audit fee.

We can assist you to be audit ready with a range of activities including the following:

  • Identify and preliminarily review key account balances or transactions with higher audit risk
  • Prepare position papers to support technical accounting issues
  • Prepare and / or review financial statements
  • Train your finance team members in the application of accounting standards, risk and / or potential audit procedures
  • Prepare business process flow charts and document key controls relied upon by management to mitigate the risk of material misstatement
  • Assist in the preparation of corporate governance documents such as risk registers and charters
  • Assist in appropriately responding to audit requests and / or recommendations to improve the internal control environment

To learn more about our risk minimisation and audit readiness services, contact us today for a no-obligation consultation on 07 3263 7030

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