Client one-pager, internal audit

Internal audit — what it is and why you need it

What it is. Internal audit looks at how your business actually runs — purchasing, sales, stores, payroll, cash — and tells you where money, time or control is leaking. Some companies must appoint an internal auditor by law; most of our clients do it because they have grown past the point where the promoter can see everything. It runs continuously, usually quarter by quarter, and it reports to your board or audit committee, not to your finance head.

What we need from you. Your organisation chart and who approves what, up to what amount; your written procedures where they exist; access to your accounting and ERP system, read-only; transaction data for the quarter in spreadsheet form; and one named person per department who can answer questions. Also, honestly, a management that wants to hear the answer.