Internal Audit and Assurance Service
Assurance in the Evolving Business World: Internal Audit and Risk Management
The way to succeed in the modern economic environment is not just to be a part of the game, but to shape it. At Mitra, we offer ways to prevent mistakes and increase the resilience of companies.
In today’s economic conditions, development is no longer possible just by being in the game, but by guiding the game. In the business world, preventing mistakes from occurring has become a fundamental principle, rather than correcting them. The understanding of constantly improving our work forms the basis of our management philosophy; this understanding has evolved from meeting customer expectations to guiding the customer and progressing with them.
In order to increase the resilience of companies, ensure long-term sustainability and not be affected by risks, strong defense mechanisms must be established. The systematic implementation of this structure is possible through elements such as Risk Management, Internal Audit, Internal Control, IT Technological Audits and Management Information Systems. Since each institution has its own structure, implementing these defense mechanisms with standard methods may sometimes be insufficient. For this reason, in order to determine the most suitable strategy for institutions in the services we provide, we first conduct a detailed feasibility study and determine the most efficient method.
In today’s economic conditions, development is no longer possible just by being in the game, but by guiding the game. In the business world, preventing mistakes from occurring has become a fundamental principle, rather than correcting them. The understanding of constantly improving our work forms the basis of our management philosophy; This understanding has evolved from meeting customer expectations to guiding the customer and progressing with them.
In order to increase the resilience of companies, ensure long-term sustainability and not be affected by risks, strong defense mechanisms must be established. The systematic implementation of this structure is possible through elements such as Risk Management, Internal Audit, Internal Control, IT Technological Audits and Management Information Systems. Since each institution has its own structure, implementing these defense mechanisms with standard methods may sometimes be insufficient. For this reason, in order to determine the most suitable strategy for institutions in the services we provide, we first conduct a detailed feasibility study and determine the most efficient method.
Internal Audit and Assurance; It is an independent and objective assurance and consultancy activity with the aim of improving the activities of a company and adding value to them. Internal audit; It helps the company achieve its goals by bringing a systematic and disciplined approach to evaluate and improve the effectiveness of the institution’s risk management, control and governance processes.
All methods and procedures used by the management in order to achieve the goals of carrying out business activities in an orderly and efficient manner in accordance with company policies, protecting assets, detecting and preventing errors and frauds, ensuring that accounting records are complete and accurate, and preparing reliable financial information on time, are called internal control systems. Control is generally defined as the measures taken by the management to achieve predetermined goals and objectives.
Benefits of establishing an internal control system
- Clarification of duties, authorities and responsibilities,
- Acceptance of ethics throughout the organization,
- Strengthening the foundations of strategic management and performance management,
- Increasing the quality of decision-making processes by producing data, information and knowledge in a healthy and accurate manner and delivering the right information to the right people at the right time,
- Integration of information systems and technologies with business processes can be done more efficiently and quickly,
- Reducing losses through effective risk management,
- Aligning operational efficiency and effectiveness with the performance system,
- Making it harder for managers to make wrong decisions and mitigating the effects of wrong decisions,
- Constructive discussions and improvement actions should be brought to the forefront by discussing the concepts of process and risk, rather than interpersonal conflicts within the organization.
- Protection from legal risks and preservation of reputation through full compliance with internal and external regulations.
What Do We Do?
Compliance & Appropriateness Audit
It is a type of audit aimed at determining the degree of compliance of practitioners with the rules set by a certain authority.
The most important and major difference between Independent Audit and Compliance Audit is that in compliance audit reports, auditors do not give an independent auditor’s opinion, but they investigate the financial information of the company requesting the report, which they want to be verified, by applying independent audit methods and report their findings.
Fraud and Abuse Control
As companies grow in our global economy and global world, their control also weakens. This lack of control can cause a conscious and irregular decrease in the assets of companies through malicious employees. These crimes are of great importance to the investors, rights holders and legal authorities of the companies.
Compliance & Appropriateness Audit
It is a type of audit aimed at determining the degree of compliance of practitioners with the rules set by a certain authority.
The most important and major difference between Independent Audit and Compliance Audit is that in compliance audit reports, auditors do not give an independent auditor’s opinion, but they investigate the financial information of the company requesting the report, which they want to be verified, by applying independent audit methods and report their findings.
Fraud and Abuse Control
As companies grow in our global economy and global world, their control also weakens. This lack of control can cause a conscious and irregular decrease in the assets of companies through malicious employees. These crimes are of great importance to the investors, rights holders and legal authorities of the companies.
Activities, Processes and Productivity Audit
The activity audit is related to the success of the business management as a whole, the business policies determined by the management and all activities, business and transaction processes that may positively or negatively affect the effectiveness of the business activities and all decisions taken in this regard. For this reason, the activity audit is more difficult and comprehensive. The purpose of the activity audit is to determine whether the standards determined by the business management are achieved.
Operational auditing has a very broad scope as an application area. Since it is related not only to accounting processes but also to all other functions and activities of the business, it also covers performance and risk auditing issues.
In this field, we have the certification and competence to provide auditing, due diligence and productivity consultancy, especially on Lean Management Systems for the manufacturing sector.
Internal Audit Service
Internal auditing is an independent and objective assurance and consultancy activity that aims to improve and add value to an organization’s activities. Internal auditing helps an organization achieve its goals by bringing a systematic and disciplined approach to evaluate and improve the effectiveness of the organization’s risk management, control and corporate governance processes.
According to international internal audit standards, internal audit activity must be independent and internal auditors must act impartially while performing their duties. Internal audit is considered as one of the indispensable activities for the reliability of the financial reporting system in companies and institutions, compliance with laws and regulations, economy, effectiveness and efficiency of activities, security and reliability of information systems.
Internal auditing contributes greatly to the establishment of managerial accountability in companies and institutions. It has a preventive nature as part of risk management. It improves the quality of corporate governance, increases corporate value and provides assurance for shareholders and stakeholders.
What other enterprise risk management services do we offer?
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