Internal Audit

ABS carries out the Internal Audit on behalf of the clients to evaluate their internal control system, providing independent peace of mind that key risks identified within their organization have been identified and managed. Generally, checking and verification is at the heart of Internal Audit function, but ABS see it far more than just an examination exercise – we view Internal Audit as an opportunity to not only reduce business risk but also discover new opportunities and revenue generators for our clients

When evaluating the internal control system of the clients, ABS seizes the opportunity to understand the client’s organization in its entirety to advice on other matters most beneficial to the client. ABS works alongside with clients to address any actual or potential issues and assist in exploring new strategies and opportunities, identifying the best value for its expenditure and sources of growth. We are committed to the highest-quality Internal Audit procedures, delivered by teams with high technical standards, genuine enthusiasm, and independent opinions, which adhere strictly to the current auditing and accounting standards and regulations.

Generally, ABS Internal Audit assignment involves the following steps:
  • Establish and communicate the scope and objectives for the audit.
  • Develop an understanding of the business area under review, which includes objectives, measurements, and key transaction types.
  • Describe the key risks facing the business activities within the scope of the audit.
  • Identify management practices in the five components of control used to ensure each key risk is properly controlled and monitored
  • Develop & execute a risk-based sampling & testing approach to determine the most important controls are operating as intended.
  • Report issues and challenges identified and negotiate action plans with the client's management to address the problems.
  • Follow-up on reported findings at appropriate intervals.