Electus assists clients with the provision of internal audit services. Our qualified team carries out a risk assessment analysis and advises about the controls required for implementation in order to mitigate such risks. Electus audit team devises internal tailor-made procedures resulting in clients’ objectives being met more efficiently and effectively.
Our professional staff assists clients in identifying business and financial risks and can design appropriate internal controls to mitigate the occurrence of such risks. Our team additionally advises clients on the overall risk management policy. We can also ascertain that the company is complying with laws, regulations and other external requirements as well as with the internal policies, directives and other requirements.
Control Activities Offered:
- Segregation of duties – separating authorisation, custody, and record keeping roles to prevent fraud or error by one person.
- Authorisation of transactions – review of particular transactions by an appropriate person.
- Retention of records – maintaining documentation to substantiate transactions.
- Supervision or monitoring of operations – observation or review of ongoing operational activity.
- Physical safeguards – usage of cameras, locks, physical barriers, etc. to protect property, such as merchandise inventory.
- Top-level reviews-analysis of actual results versus organizational goals or plans, periodic and regular operational reviews, metrics, and other Key Performance Indicators (KPIs).
- IT general controls – controls related to: a) security, to ensure access to systems and data is restricted to authorised personnel, such as usage of passwords and review of access logs; and b) change management, to ensure program code is properly controlled, such as separation of production and test environments, system and user testing of changes prior to acceptance, and controls over migration of code into production.
- IT application controls – controls over information processing enforced by IT applications, such as edit checks to validate data entry, accounting for transactions in numerical sequences, and comparing file totals with control accounts.