INTERNAL AUDITING

The process of internal editing ensures that there is transparency, which helps to review areas within the company where resources are being over or underutilized. This will not only increase transparency but will also ensure that such weaknesses are addressed which will assist in managing the expenses in the company. Internal auditors reveal, weaknesses that if addressed properly can greatly increase business growth.

An internal auditor points out the weaknesses that exist within the company, therefore both staff members and management conduct their work duties paying attention to detail and thoroughly in fear of their mistakes being pointed out. Therefore, internal auditing increases the efficacy of staff members within the business, promoting the rapid growth of the company.

Internal auditing ensures that all the financial documents of your company are always up to date. As a result, there are always updated financial statements available after they have been worked on, this means that there will always be available for use by the management for decision-making.

Internal auditing ensures that your company maintains better relations with banks and investors, as their financial statements are clear, and they can follow through. Additionally, internal auditing ensures that all aspects including creditors management is up to date thereby outstanding loans will be paid on time.

Internal auditing removes the dependence of the company from an individual person but places it on the process. In other words, it will ensure that the company is being run based on a process, which will mean that even if an individual is absent productivity is not severely affected.

Investing in internal audit means that there is adherence to regulating laws, and general regulations. This will ensure that your company is running in accordance with the various laws and requirements at all times.