INTERNAL AUDIT

Internal Audit system is defined as being a combination of tools, procedures and methodologies that are
used to protect the firm’s assets, establish an acceptable level of accounting accuracy, develop
productivity, promote compliance with management polices. Internal audit is an integral part of the
firm’s control system through which the firm’s operations and systems are planned independently and
objectively to ensure realization of internal control aims and objectives.
Design, Structuring and Methodology
SK methodology is carefully designed in line with the recognized local and international professional
Standards, which shape the basic framework for local audit function in all types of firms and
organizations, relying on a qualified and experienced team of professionals in financial, operational and
managerial audits. Following is a brief description of our methodology:
Planning: of audit works in terms of time and venue in line with the firm’s type of business.
Designing: of primary and secondary audit programs in accordance with the audit’s short and long term
objectives.
Confirmation: and systematic documentation of audit findings and results.
Reporting: of program results and identifying the necessary corrective measures.
Following: up the implementation of the recommendations and audit results.
Added Value
Transfer knowledge to the firm’s senior and executive management as will as to the control system’s
related parties to ensure continued efficiency of the adopted control system and create standing tools
to develop such a system.

Compliance evaluation

Is essentially about comprehensively reviewing whether a company is adhering to the regulatory related guidelines or
not. IT, security and Internal audit consultants conduct an evaluation of the thoroughness and strength of preparations
pertaining to compliance. Evaluation , conduct a review of the security related policies, procedures pertaining to risk
management and user access controls throughout the compliance evaluation course.
Thus, a compliance evaluation helps in determining whether an entity is following all the rules laid down in the contract
or agreement or not. Entities enter into agreements or prepare contracts for a number of business related purposes.
These contracts and agreements are reviewed carefully and also evaluation to make sure no misstatements or fraud
exists as the entity meets the obligations pertaining to the contract. Accounting entities or a Internal audit is held
responsible for carrying out the compliance evaluation on company agreements and contracts.
What would be examined during compliance evaluation largely depends on whether the entity is a private or public
company and the data type handled by it and whether it stores or transmits important finance related data or not. For
example, healthcare companies that transmit or store records pertaining to e-health such as personal health related
information must meet HIPAA requirements. In such a case, the concerned organization must show that it is complying
with the regulations.
The compliance evaluation usually ask the CTOs, IT administrators and CIOs a number of questions during the
evaluation procedure. These questions typically revolve around the number of users that were added to the
organization and which employees left the organization. In addition to this the compliance evaluation may also ask the
names of the IT administration employees who can access crucial data.
The internal audit are generally provided with an agreement or contact for conducting compliance evaluation at a
meeting that is held between the two parties mentioned in the agreement. During the meeting, accountants are also
provided with certain guidelines on what tests they need to conduct at the time of carrying out compliance evaluation . The moment the evaluation is over, the internal audit get in touch with the parties to discuss their findings

IT Audit

An information technology audit, or information systems audit, is an examination of the management
controls within an Information technology (IT) infrastructure. The evaluation of obtained evidence
determines if the information systems are safeguarding assets, maintaining data integrity, and operating
effectively to achieve the organization’s goals or objectives. These reviews may be performed in
conjunction with a financial statement audit, internal audit, or other form of attestation engagement.
IT audits are also known as “automated data processing (ADP) audits” and “computer audits”. They were
formerly called “electronic data processing (EDP) audits”.
IT Audit process
The following are basic steps in performing the Information Technology Audit Process:
Planning IN
Studying and Evaluating Controls
Testing and Evaluating Controls
Reporting
Follow-up
reports

Special Purpose Control and reporting

We assist our clients with audits and other specific reviews , Special purpose audits refer to
those circumstances in which the is required to report on specific standards for specific
purposes to specific users and Special purpose audit engagements .
such as – Compliance with contractual agreements – Grants Audit