Not just numbers...

...peace of mind ©

Internal audit

Internal audit: An ECFO internal audit is a comprehensive review of risks facing an enterprise conducted from an accounting, operations and financial control perspective. The internal audit identifies areas of vulnerability and inefficiency and looks for gaps in data capture systems and financial control mechanisms, as well as potential barriers to future growth. Weak processes are flagged and any major data inconsistencies or discrepancies between observations and reported information are examined. ECFO proposes accounting adjustments for any items that are found to be incorrectly represented in the financial statements and makes recommendations for improving systems and mitigating risk going
forward.

The internal audit constitutes a thorough review of the company and can serve as a foundation for design and launch of a new system of financial controls or as preparation for an upcoming financial or statutory audit.

Follow-on policy and procedures manual: After the internal audit, the ECFO team can build on the recommendations in its report to upgrade or redesign internal controlsto address the weaknesses identified, taking into account the company’s business model, operational needs and resource constraints.

Follow-on audit support: If the purpose of the internal audit was to prepare for a statutory or financial audit, the ECFO team is available to compile a “data room” for auditors and provide live support during the audit.