Given the rapid growth of our fully fledged established clients and the increased incorporation of Cyprus Investment Firms (CIFs) in the Republic of Cyprus which are required by their regulator, the Cyprus Securities and Exchange Commission (CySEC) to produce and submit internal audit reports, the provision of such engagements is becoming a norm within our organisation.
The internal audit is a report addressed to the management of the company which aims to assess and examine the effectiveness and application of the internal control systems of the company. It usually takes between 2 - 5 working days to be executed at the clients premises and it is planned ahead in time so that important documentation and paperwork is been provided to the internal audit team well in advance of fieldwork. This allows the internal audit team to prepare and design the internal audit in the most efficient and less disruptive manner for company.
The internal audit usually examines the below areas:
- Methodology, audit plan and risk based approach
- Corporate governance, structure, personnel and working conditions
- General requirements for specific functions such as advertisement and client communication
- Assessment of back office, accounting and other departments considered important at planning stage
- Regulator compliance and communication
- Compliance functions and infrastructure
- Assessment of systems and controls through out the organisation
At the end of the internal audit engagement the internal auditor will issue an executive summary that summarises all these results backed by the specific tests and outcomes performed for each function of every department.