Internal and external financial audit for companies
Internal and external financial audit services for companies aim primarily to ensure the validity, efficiency and reliability of the financial statements prepared by the management and internal financial department of the company.
Internal financial audit:
The internal audit service aims to evaluate the company's internal control system, monitor the extent of operational and financial management's compliance with established standards and policies, and verify the effectiveness of the risk assessment and management system.
Internal audit includes:
A comprehensive review of the work of the company’s financial department.
Explaining the extent to which financial management performance deviates from generally accepted accounting standards.
Explaining the extent of the gaps and errors in the current internal financial system.
Providing management with the final internal financial audit report with advice and instructions to avoid current problems and gaps in the financial management’s work
External financial audit:
It is a careful examination of records and procedures, carried out by an independent external auditor, appointed by the company’s owners.
The external auditor is a professional and independent third party that conducts an unbiased review of the company's financial records.
Including payroll, purchases, sales, inventory and company assets.
It also looks into the company's external financial investments and loan structuring.
In order to ensure the accuracy of the financial statements and verify the company’s ability to continue or not.