The "Internal Control - Integrated Framework" was first issued in 1992 by the Committee of Sponsoring Organizations of The Treadway Commission ("COSO"). Such framework has been supplemented and upgraded since then. The framework requires an enterprise to build up a complete and effective internal control system for identifying, assessing and reporting risks to the appropriate management level in a timely manner. The Sarbanes-Oxley Act of the United States stipulates the design and implementation of internal control system. The abovementioned framework and Act have one point in common, which emphasizes the importance of internal audit in corporate governance.
The functions of internal audit have been expanded in recent years from the basic objective of safe-guarding the value of an enterprise to the improvement of operating efficiency and increase of value to shareholders. It transforms from the traditional passive fraud findings to a proactive risk management. This poses new challenges to internal audit departments and internal auditors.
Based on our thorough understanding of an enterprise's business operation together with sufficient clarifications, our internal audit service team can define an internal audit strategy for the enterprise through the application of our well-established risk-based auditing approach. The internal audit strategy assists the internal audit department to optimize the allocation of resources; reduce the internal audit costs; improve the level of risk management and operating efficiency; upgrade the procedures for internal auditing and risk management; and conduct training for internal auditors.
Our services includes:
Design of internal audit strategy
Compliance testing of internal audit procedures
Outsourcing of internal audit function
Agreed-upon internal auditing
Technical support on internal audit
