“Internal auditing is an independent, objective assurance consulting activity designed to add value and improve an organisation’s operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve effectiveness and risk management, control and governance processes.” (Institute of Internal Auditors)
Being fully conversant with your company’s current financial and functional status drives important day-to-day business decisions. It is an axiom that you cannot function without reliable data. Reliability of data is directly dependant on the internal controls system of your organisation that support business processes and work flows.
Apart from being a renowned firm to provide internal audit services in London and all over the UK, PushDigits has always been regarded as unrelentingly accurate with its handling of facts and data in both their Bookkeeping and General Accounting functions. In fact, we’re a leading international firm when it comes to clarifying financial record keeping, reporting, and all the various aspects of auditing, bookkeeping, company formation or liquidation, feasibility studies, financial projections, and the potential of acquiring a new business, or severing a division, to enhance profitability.
This is why you can rely on PushDigits to get you the details you need to ensure your company is on-track to success. Our teams of more than 50 professional accountants are all internationally certified, with multiple years in the business (no neophytes here!), we know U.K. auditing rules better than anyone (possibly including HMRC and the Local Councils). You should probably be prepared to save some money this year.
Most administrators and executives could not read a general ledger if their life depended on it because that’s not their job—it’s just a fact. This is part of the reason why we need Internal Audits which are, essentially, an in-depth analysis of an organisation’s internal controls and performance with regards to their stated business plan along with other benchmarks. This sums it up into an understandable format that is useful in everyday business.
Internal auditors have no control or authority, of course, but their tasks can be to audit specific business activities in order to provide information on the internal controls of the organisation. These activities frequently include compliance with laws and regulations, management effectiveness, operational efficiency, or virtually any other aspect of business operation defined in the audit request.
Internal auditors may also look into fraudulent activities, the validity of the financial reporting processes, or possibilities of financial loss. The actual scope of an internal audit is defined in the audit blueprint or in the contract with an outside auditor.
An internal audit is not intended to penalise a business. Its purpose is to provide valuable insights and information to improve overall business operations, or to provide assessments to manage business risks.
Providing what you Need
We will study your business model during your audit and then provide an utterly reliable snapshot upon which you can base your decisions. More than that, we can also help you isolate previously invisible problem areas.
If a division is spinning-its-wheels to no effect, accomplishing little, it can be re-tasked into a more productive area. We will suggest strategies for improving efficiencies, cash flow, removing redundancies, and show you opportunities to stop wasting money. We will even offer practical advice for preparing for your annual external audit, if you need one.
The law requires an audit if you have two of the following:
- an annual turnover of more than £10.2 million
- assets worth more than £5.1 million
- more than 50 employees on average
It also stipulates that if 10% of your stockholders request an audit, that such request must be accommodated. Further, if your company is public, or a subsidiary, it requires an audit; if it is an insurance firm, or participating in insurance market activity it requires an audit; if it is banking or issuing e-money, it requires an audit, and the list goes on.
Fortunately, with PushDigits as your ally, it will be fast, easy, and perfect. All of our auditors handling these tasks are Certified Internal Auditors (CIA) as defined by the Institute of Internal Auditors (IIA). In addition, all of our people go through regular Continuing Professional Education to maintain their certifications as well as staying abreast of emerging technology and methodology.
Public Information Projects Confidence
Financial institutions, major banks, and businesses rely on your Audit Reports to get the complete picture they require to underwrite proposals, grant lending requests, or to decide to conduct business with you. You Internal Audit will end up as a part of your Quarterly Report. That culminates in your Annual Report to your stakeholders, stockholders, potential investors, business partners, vested interests, as well as your Administration and Management components.
Surprises, good or bad, are not particularly welcomed. Annual Financial Reports should be nothing more than a confirmation of everything you expected. Announce your stock splits, buy-backs, or dividends, but don’t pack any surprises in that report because that makes people uncertain about how the company is being run. Your Internal Audits support your company’s External Audits and eventually help you to make certain that your publicity and press match your final report.
Whether you’re on the cutting edge of technology, a charitable organisation, or providing an essential, irreplaceable service, it makes absolutely no difference. You need to know where the money was, where it is, when it is coming, and where it is going. That is what enables you to make smart decisions and achieve the maximum effectiveness possible.
Contact us today, and let one of our experts show you how we can put experience and technology to work for you! We would love to hear from you, and for you to become our next great Testimonial!