Governing bodies and senior management rely on internal auditing for insight and objective assurance that existing internal controls are adequate to mitigate the organization’s risks, governance and risk management processes are practical and efficient, and organizational goals and strategic objectives are met.
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Internal Audit in Malta
Internal Audit Approach
The internal auditor collects all the policies, specifications, and other relevant internal documentation to the key concepts introduced to the company. It is mandatory to perform interviews also with all the departments to establish the internal audit universe.
The internal auditor gets the mandate to execute the holistic audit plan and perform all the agreed-upon checks.
The activities defined in the annual and quarterly action log focus on the most crucial and key areas identified over the initial risk-based assessment.
The extent of the audits can be comprehensive, medium, and small. The internal auditor estimates the required time in the plan, and the activities can be monitored accordingly. Time has to be allocated to ad-hoc checks also in the plan.
Internal Audit Scope
The Board and the Supervisory Body of a company can get a comprehensive picture of the company’s state and information about the adequacy of the internal policies.
Quarterly and annual reports are provided to the company on top of the monthly and ad-hoc checks based on the internal audit plan.
Any findings are reported immediately to the management.
One of the essential benefits is prevention.
The company can identify issues in advance and be more prepared for regulatory investigations.
In such circumstances, the internal audit function would act as the first line of defense with the preventive measures that the board would be recommended to consider.