Internal Audit, Performance Auditing And Risk Management Services
Now, more than ever, businesses operate in a complex and high risk environment. Our flourishing internal audit department has established a highly specialized team to assist management and the Board in meeting their objectives and managing organizational risk. As an additional service to our internal audit division, OMA has included performance auditing as well as IT auditing.
Gaining a thorough understanding of the client is essential, the issues and key areas of concern form the foundation of our internal audits. Our experience in providing audit and professional services has given us a clear insight as to the operations and functions of organisations, as well as an overview and in-depth understanding of what is expected.
As your professional advisors, we will invest time and effort into understanding your business strategy, management style, organisation and approach to control systems.
This understanding is an ongoing process throughout the assignment, focusing attention on key areas and issues which include the expectations and requirements of the Audit Committee as well as the Accounting Authority/Board. Our specific services entail:
- Implementing an audit risk assessment process in order to address the unique risks relating to the client
- Preparing an internal audit plan based on the results of the risk assessment
- Designing an appropriate audit program taking account of the Risk assessment findings and executing the audit accordingly
- Making recommendations, documenting Root cause analysis and discussing findings with Management
- Receiving, analyzing and discussing management’s comments to the audit findings
- Reporting to Clients at Management meetings and presenting findings to Audit Committees
Our performance audit services entail the development of audit objectives and criteria based on the focus area defined by the Client. Such focus areas are defined as being the organisation’s ability to achieve its objectives and program outputs in an efficient, effective and economic manner.
Tests are designed by OMA against these criteria and the extent of economy, efficiency and effectiveness (the “3 E’s”) of management measures are assessed and reported accordingly.