In growing companies it is no longer possible for the founders to see every transaction personally. We provide outsourced internal audit to companies for which setting up their own internal audit unit is not economical, and support existing internal audit units on specific topics. Since two of our partners are independent auditors, we apply the approach of auditing standards in our work.
Internal audit and process review
We examine the selected processes from start to finish and test, by selecting sample transactions, whether the controls actually work.
- Purchasing and supplier selection
- Sales, pricing, discounts and collections
- Inventory counts, wastage and warehouse movements
- Cash, bank and payment approvals
- Staff, payroll and expenses
Setting up an internal control system
Segregation of duties, authority and approval limits, reconciliations and periodic checks are the foundations of an internal control system. We design a control structure suited to the size of your company that is practical and does not create unnecessary bureaucracy, and put the authority matrix and key procedures in writing. For record-keeping needs we can proceed together with an accounting system set-up.
Fraud investigation
When irregularities are suspected, we carry out a detailed examination of a specific matter or person. We analyse documents and records and present the findings to management in an objective report based on evidence. If legal proceedings are required, we work with our partner lawyers so that the report is prepared in a form suitable for those proceedings.
Risk management
Together with management we identify the financial, operational and regulatory risks that could affect your company and prioritise them by likelihood and impact. For each significant risk, an owner, a control and a monitoring method are defined. We also support work on the early detection and management of risk that Turkish Commercial Code No. 6102 requires of joint stock companies.
Who is it for?
- Companies that have grown too large for the founder to follow every transaction
- Businesses seeing unexplained differences in inventory, cash or collections
- Companies preparing for an independent audit that want to see their control gaps
- Medium-sized companies without their own internal audit unit
How does the process work?
- Step 1
Scoping
In discussion with management, we determine the processes to be reviewed and the priority risks.
- Step 2
Fieldwork
We examine the processes on site and test the controls on samples.
- Step 3
Reporting
We report the findings, their possible impact and our recommendations in order of importance.
- Step 4
Follow-up
At set intervals we check whether the agreed actions have been implemented.
Frequently asked questions
What is the difference between internal audit and independent audit?
An independent audit gives shareholders and third parties an opinion on the accuracy of the financial statements. Internal audit serves management; it examines the efficiency of processes, the effectiveness of controls and risks. For details, see our independent audit page.
Does a small company need internal audit?
There may be no legal obligation, but the need for control increases as transaction volume grows. In small companies, instead of a full internal audit, a review limited to the one or two riskiest processes is often sufficient and economical.
What should I do if I suspect fraud?
First take measures to prevent the relevant documents and records from being altered or deleted, and do not share the suspicion widely. The findings then need to be established on the basis of evidence through an independent examination. To discuss the matter in confidence, you can reach us via our contact page.
How long does an internal audit take?
The time depends on the number of processes to be reviewed and the size of the company. A review focused on a single process can be completed within a few weeks; an annual internal audit plan is carried out as periodic work throughout the year.