INTERNAL AND EXTERNAL AUDIT
In order to ensure better management and achievement of goals, many companies have special subdivision within their structure, which is responsible for internal audit. Dealing with different tasks, such subdivisions may have various numbers of employees. Their functions include performance of procedures to examine reliability of information regarding company’s financial activity. Internal audit is also aimed at revealing weak points in financial, managerial, tax and other types of accounting, evaluating efficiency of managerial decisions, property preservation.
Main task of internal auditors includes responding to the needs of company’s management with regard to presentation of information related to main directions of economic and financial activity, as well as other issues of interest.
Functions of internal auditors include:
à) business performance evaluation involving provision of in-depth evaluation of different aspects of company’s activity and recommendations concerning their improvement;
á) overall estimation of control system involving diagnostics of control links in order to improve their efficiency, as well as provision of recommendations on its enhancement and elimination of weak points revealed.
Company’s auditors are obliged to analyze existing risks of loss of resources and provide recommendations of necessary changes, i.e. ready-made solutions for company’s management, in order to preserve company’s assets and ensure further development.
Additionally, internal auditors can:
· develop internal organizational regulatory documents;
· take part in maintenance of financial accounting at the company;
· carry out activities for professional development of staff;
· contribute to solving tasks of financial and economic nature (in cooperation with finance department);
· consult company’s employees on the current issues of legislation and taxation.
External audit companies are often involved in solving the issues facing the internal auditors.
Audit Company HLB Ukraine renders high-quality audit services in Kyiv for reasonable fees and in the shortest time possible.
We define not only existing financial problems, but also efficiency of managerial decisions at your company, and also assist in solving all problematic issues for efficient development of the company and achievement of its financial well-being.
HLB Ukraine cooperates with leading audit companies all over the world. It is also a member of international network of independent firms, enabling us to perform audit in accordance with international standards and issue auditors’ opinion under the brand of universally recognized network of audit companies.
Our auditors perform regular monitoring of legislation and inform the clients about any amendments thereof.
HLB Ukraine is liable for its obligations, its risks are insured.