Taking a step back to examine the processes and health of your business can be time-consuming, especially if your staff are fully occupied with their ‘day job’. However, it’s worth doing as it can be an opportunity to uncover potential risks, examine how risks are being managed, discover opportunities that aren’t being leveraged and see if the business is operating as it should.
Internal audit can sound scary to some people, but it’s not like an external audit.
For a smaller business the cost of an internal auditor is not a good investment, but that doesn’t mean you shouldn’t carry this useful task out. That’s where outsourcing, either to explore a specific area or to carry out a wider review, can make a real difference.
An internal audit should be a catalyst for improvement, including:
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