External Auditing

Operational Audit

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    What is Operational Audit?

    An operational audit, the definition of which is provided by Institute of Internal Auditors (IIA) as “a systematic approach to evaluate and improve the effectiveness,” oncentrates on verifying if resources are used right to foster organizational development. A financial audit focuses on the finances, while an operational audit investigates daily transactions and functions of a business.

    Exercise J 7 An Operational Audit Can Be Done Internally Or By Outsourcing For instance, it is structurally abstracted into factions to reinforce internal controls, drive cost savings and counteract impropriety. In addition to providing businesses with directions, performative flaws identification mechanisms should also be set up by the auditor in order for management to undertake remedial actions. Although having an operational audit is not compulsory, it can decrease the social cost and improve a firm performance.

    Operational audit report users – Your average reader of the operational audit is expected to be management and process owners or line managers. It conducts an audit on each business process to detect inefficiencies in them.

    At Vigor Accounting and Taxation, we provide the following under our Operational Audit Services:

    01
    Understanding Business Environment:
    Acquiring complete knowledge on company operational structure and environment.
    02
    Policy and Procedure Assessment:
    Identification of the policies, protocols Image Relation
    03
    Verification and Walkthrough:
    Verification of all processes and policies by doing a walkthrough.
    04
    Analysis and Evaluation:
    Figure out any potential gaps in the loops as well as locate weaknesses within the processes.

    The reports, which essentially involve developing and implementing strategies to address internal control gaps; removing over the top business organizations that contribute towards accomplishing such aims. The report will further detail observations collected by auditors and accompanying recommendations for management to act on their inefficiencies

    • Management Discussions:

      Having insightful conversations with management and process owners to understand roles & responsibility, and address concerns

    • Follow-up Audit :

      Perform follow up audits to verify implementation of suggestions

    Our Vigor Accounting and Taxation team will help you perform monthly, quarterly or annual audits of operations according to your business requirements.

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