Internal Audit
Internal Audit is a high value mechanism in the assurance environment of an organization. This function ensures an effective control environment, hence, highlighting good governance for the purpose of regulators and stakeholders.
Spend less time auditing the past and more preparing for the future with innovation
Through the traditional approach of simply focussing on the past incidents and identifying the wrongs, Internal Audit function has graduated to the paramount responsibility of providing greater value and insights to the business in terms of being more proactive toward what could happen in the future. We practice a tailored risk-based approach to every client engagement. More than just a contractual obligation, we provide insights for future possibilities by putting light on the current state of organizational affairs of our clients. Our experienced professionals are equipped and updated regularly on relevant advanced skills such as using data analytics, tools & techniques that they adopt through their engagement reviews. This combined strength of our team helps in value preservation and growth ensuring focus on the areas of compliance, internal control and risk management.
It is believed, future world stands on innovation and Internal Audit practice has hence, fast responded to innovative techniques to develop risk strategies. InQHive understands this very well and has therefore adopted to many such tools and methodologies to deliver high quality audits and operational value to clients.
Data Analytics:
Data within an organization doubles in just 18 months as per Moore’s Law, and organizations use this data for better decision making. Data has been proven to be the most expensive and useful asset to evaluate and understand relevant data points for developing strategic plans. Our team leverages these data to provide more insights into business objectives through data analytical techniques. This approach helps us in picking the entire population as against the traditional way of simply sampling, and allows us to do a lot more than what we could have done without leveraging on complete data. Our team uses data analytical techniques to extract the whole population of data for a period of audit review and identify anomalies, test for discrepancies, evaluation of data to better understand the process and the business it drives. Data analytics helps us to better perform in the audit planning, scoping and assessment in the initial phase with a greater speed and quality of fieldwork, thereafter leading to reports with great value.
Agile Methodology: At InQHive, our experts follow a more collaborative approach. They interact with the clients at every step more frequently, whether be it during the audit planning phase or fieldwork or reporting. Through this approach, the team gets in-depth knowledge of the business and the process, hence enabling themselves to identify key risk areas, eliminating pain points. Appropriate level of documentation is developed and shared with client and feedback is obtained and incorporated on time. This enables the client to view status of the audit engagement on real-time, hence marking the expectations with higher level of transparency. Our clients benefit from this approach in terms of timely deliverables and qualitative insights.