We are providing Audit and Assurance Services.
GLOBEFINTEC has a dedicated audit division. Our team of experienced auditors will work with your organisation to deliver a seamless audit assurance service. It is our goal to conduct your audit efficiently, with as minimal disruption to your business as possible, delivered on time and most importantly with thorough and honest communication.
GLOBEFINTEC approaches each job with personalised attention and the highest quality of service. An engagement Partner leads the audit process from planning through completion, taking full responsibility for the quality of our audit service. The Partner will be in attendance at all meetings with you including audit planning and scope meetings, audit progress meetings and meetings at the conclusion of the audit.
Our Services
GLOBEFINTEC empowers and guides your Organisation to ensure you have the right expertise on hand for the following:
- Review of financial and operating Information.
- Appraisal of existing systems.
- Revision and development of new systems.
- Evaluation of internal control system .
- Performing audit of major fraud cases.
- Verify accuracy of figures in financial records.
- Ascertain compliance with organisational policies and procedures.
- Check efficiency of operating results.
- Assist management by identifying risk exposures of the organisation.
- Audit of contracts.
Internal Audit
Internal audit scope refers to the boundaries and objectives set for an internal audit function within an organization. It defines what areas, processes, and activities will be examined during the audit process. The scope is usually determined based on various factors including organizational goals, regulatory requirements, risks, and management priorities.
Key components of defining internal audit scope include:1. Objectives: Clearly defining the purpose and goals of the internal audit. This could include evaluating the effectiveness of internal controls, assessing compliance with policies and regulations, identifying operational efficiencies, or detecting fraud and misconduct.
2. Risk Assessment: Identifying and prioritizing risks that could impact the achievement of organizational objectives. This helps in determining which areas need closer examination during the audit.
3. Coverage: Determining the specific areas, functions, processes, or departments that will be audited. This could include financial processes, operational procedures, information technology systems, compliance with laws and regulations, etc.
4. Timeframe: Setting the duration and frequency of the audit activities. This could be an ongoing process with continuous monitoring or periodic assessments conducted at specific intervals.
5. Resources: Allocating the necessary resources including personnel, budget, and technology to conduct the audit effectively.
6. Reporting: Establishing guidelines for reporting audit findings, conclusions, and recommendations to management and relevant stakeholders.
7. Independence and Objectivity: Ensuring that the internal audit function maintains independence and objectivity in its activities, free from bias or undue influence.
8. Compliance: Ensuring that the audit scope complies with relevant laws, regulations, and internal policies governing the organization.
By defining a clear and comprehensive internal audit scope, organizations can effectively identify and address risks, improve operational efficiency, and enhance overall governance and control processes.
Internal financial audits are conducted to evaluate an organization's financial processes, systems, and controls to ensure accuracy, reliability, and compliance with relevant laws and regulations. There are several types of internal financial audits, each focusing on different aspects of financial management.
Here are some common types:
1. Operational Audit: This type of audit evaluates the efficiency and effectiveness of an organization's financial operations, processes, and procedures. It examines how financial resources are utilized to achieve organizational objectives and identifies areas for improvement in cost-effectiveness and operational efficiency.
2. Compliance Audit: A compliance audit assesses whether the organization is adhering to relevant laws, regulations, and internal policies governing financial activities. It ensures that financial transactions are recorded and reported accurately, and that the organization is in compliance with tax laws, accounting standards, contractual obligations, and other regulatory requirements.
3. Financial Statement Audit: Also known as a statutory audit, this type of audit focuses on the accuracy and completeness of an organization's financial statements. It involves examining financial records, transactions, and supporting documentation to verify that the financial statements present a true and fair view of the organization's financial position, performance, and cash flows in accordance with generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS).
4. Internal Control Audit: Internal control audits assess the adequacy and effectiveness of an organization's internal control systems designed to safeguard assets, prevent fraud, and ensure the reliability of financial reporting. This type of audit evaluates the design and implementation of controls, identifies weaknesses or deficiencies, and makes recommendations for improvements to strengthen internal controls.
5. Fraud Examination: Fraud examinations focus on detecting and investigating fraudulent activities such as embezzlement, misappropriation of assets, financial statement fraud, or other deceptive practices. These audits involve thorough analysis of financial records, transactions, and supporting documentation to identify red flags or indicators of fraud, and may require collaboration with forensic accountants or legal experts.