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Internal Audit

Globally, organizations are facing increased competition, not only to sell their own products at a reasonable price but also, for example, the procurement of raw input materials, employees, capital, etc. Organizations continuously have to redesign themselves to ensure that their core business processes become more effective and efficient, including taking cost reduction opportunities and improving the delivery of quality goods and services.

The Challenges for Internal Audit

A strategically orientated and structured internal audit function can play a vital role in assisting the Board of Directors, Audit Committees and management in achieving these business challenges. Internal audit can add value by

Focusing on risk areas through participation in corporate governance and risk management processes.
Evaluating and recommending process improvement opportunities.
Researching best practices and making recommendations for change.
Monitoring the implementation of management strategic actions.
Organizing itself as a cost-effective business unit. When designing an internal audit function, the strategy must drive tactics, not the reverse.

Too often, the internal audit functions respond to immediate tactical needs. In a rush to implement responses, key strategic issues can be overlooked. The result can be a tactical internal audit function in search of a strategy.

Our services are:

1- Strategic Performance/Quality Assurance Reviews
Provide an independent review of your existing internal audit function and strategy which include:

Clarifying and validating stakeholders’ expectations of internal audit.
Assessing current internal audit structure, methodologies, resources and capabilities in light of value expectations.
Benchmarking against the peer group.
Identifying opportunities to improve capabilities and processes.
Developing actionable strategic plans to align internal audit with corporate goals.

2- Strategic Capability Building and Outsourcing (Full & Partial)
Provide support to existing internal audit functions or provide fully outsourced internal audit services with the principle benefit of:

Access to technical and industry specialists.
Access to best practice internal audit tools and methodologies.
Flexibilities of costs and budgets.

3- Policies and Procedures manuals
Develop or enhance policies and procedures manuals to improve the internal control environment within the organization.

4- Cost reduction/Efficiency improvement reviews
Assist in enhancing operational efficiency and cost reduction to improve an organization’s competitiveness by applying our best practices to business processes and controls.

How we deliver value:
The majority of our internal audit team in Kuwait have extensive internal audit experience and have worked with or within major internal audit functions.

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