BUSINESS ADVISORY SERVICES
Internal Audit Services and Business Process Improvement
As your business grows, so does your responsibility to manage change and the resultant emerging risks. Understanding how to identify and manage your susceptibility to these risks becomes more complex. That’s why at Bishop Collins, our internal audit services and business process improvement are such key services to businesses. We want you to not only minimise negative risks to your organisation, but maximise the return to your business through evolution.
What Is an Internal Audit?
An internal audit is a systematic and independent examination of a company’s financial records, processes, and controls conducted by an internal audit department or team. It is an essential component of the overall accounting and financial management system within an organisation. The primary purpose of an internal audit is to evaluate the effectiveness, efficiency, and reliability of an organisation’s accounting practices, financial reporting, and internal controls.
Bishop Collins’ Internal Audit Methodology
At Bishop Collins, our internal audit consulting services utilise a methodology that is structured and anchored around the International Standards for the Professional Practice of Internal Auditing, which is issued by the Institute of Internal Auditors. We also strongly promote the Australian and New Zealand Standard on Risk Management (AS/NZS 4360) and the COSO Enterprise Risk Management Framework.
Our internal audits are underpinned by the following principles:
- An internal audit completed under internationally recognised standards;
- A tailored service to you, in an open and transparent manner;
- Open communication and the highest degree of professionalism;
- Forward thinking recommendations to add value to your organisation;
- Audits completed by Certified Internal Auditors, Registered Company Auditors and Chartered Accountants.
Our internal audits provide:
- Confidence about your existing operations;
- Insights into ways to add value into the future and alignment with best practice;
- Certainty around the design, implementation and operation of existing internal controls, governance and accounting approaches to ensure they’re compliant;
- Benchmarking performance capability;
- Significant strategic value, supporting you to bolster performance and meet your commercial objectives.
Business Process Improvement
Business process improvement refers to the systematic approach of identifying, analysing, and enhancing existing business processes within an organisation to achieve greater efficiency, effectiveness, and overall performance. It involves examining and reevaluating various aspects of a process, including its inputs, activities, outputs, resources, and interactions, with the aim of eliminating bottlenecks, reducing waste, and optimising outcomes.
The primary objectives of business process improvement are to streamline operations, enhance productivity, improve customer satisfaction, reduce costs, and increase profitability. It focuses on identifying areas of inefficiency, redundancy, or ineffective practices and implementing changes to eliminate or mitigate these issues.
The process of business process improvement typically involves several steps:
- Identification: Recognizing the need for improvement and selecting specific processes to analyse.
- Analysis: Evaluating the current state of the selected process, mapping out its steps, identifying pain points, bottlenecks, and areas for improvement.
- Goal Setting: Establishing clear objectives and desired outcomes for the improved process, such as reducing cycle time, increasing output, or improving quality.
- Redesign: Developing and implementing a new and improved process design. This may involve reorganising tasks, eliminating unnecessary steps, automating manual processes, or introducing new technologies.
- Implementation: Rolling out the redesigned process, training employees, and ensuring smooth transition and adoption of the changes.
- Monitoring and Evaluation: Continuously monitoring the performance of the improved process, gathering feedback, and measuring key performance indicators (KPIs) to assess the effectiveness of the changes and identify further areas for refinement.
The Key Benefits of an Internal Audit
A best practice internal audit delivers benefits across your organisation, not just to your board and audit committee. We partner with you to help you realise this value.
Overall, an internal audit consulting services play a crucial role in providing independent assurance to management, the board of directors, and stakeholders regarding the integrity and reliability of financial information, the effectiveness of internal controls, and the overall health of the company’s accounting and financial management practices.
Bishop Collins Internal Audit Services can help you and your organisation:
- Ensure your accounting and business processes are efficient and effective
- Utilise risk advisory to discover high risk areas as well as manage and understand them
- Ensure your business is adhering to regulations and best practice processes when it comes to governance and risk assessment
- Ensure that all policies, procedures, laws, and regulations are being complied with
- Streamline and measure operations
- Protect your business and safeguard your assets
- Ensure governance and risk assessment processes are in line with best practice.
- Anticipate future concerns and identify weaknesses
An internal audit function is conducted by an organisation’s internal audit department or team to assess the effectiveness of internal controls, financial reporting, and compliance with regulations. It is an internal function aimed at improving processes and mitigating risks. In contrast, an external audit is performed by an independent external auditing firm to provide an opinion on the accuracy and fairness of financial statements. It serves to provide assurance to stakeholders, such as investors and creditors, regarding the reliability of the financial information presented by the organisation.
As a small business, internal auditing may not be a requirement, but it can still be beneficial. Internal auditing helps identify risks, improve processes, and enhance controls, which can lead to increased efficiency, better financial management, and reduced fraud risk. It’s a proactive approach that can contribute to the long-term success and sustainability of your business.
While external audits provide independent assurance, internal auditors offer valuable insights into your organisation’s day-to-day operations, risk management, and internal controls. They can help proactively identify and address issues, improve processes, and strengthen overall governance, ensuring ongoing compliance and efficiency beyond external audits.
If any of the above apply to your business, contact Bishop Collins now and join our satisfied clients who already enjoy the benefits of our fully integrated bookkeeping service.
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