Internal Audit
Internal Audit as a Governance Tool
Internal audit is an independent and objective activity that gives an organization assurance on the degree of control over its operations and provides advice on how to improve them, thereby creating added value. It helps the organization achieve its objectives by systematically and methodically assessing its risk management, control and corporate governance processes and making proposals to enhance their effectiveness.
TIHOUN CPA can offer you support in Enterprise Risk Management by:
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Providing assurance on risk management processes
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Providing assurance that risks are properly assessed
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Evaluating risk management processes
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Evaluating key risk reports
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Reviewing key risk management
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Facilitating key risk identification and evaluation
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Coaching management on risk reporting
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Coordinating enterprise risk management activities
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Consolidated risk reporting
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Maintaining and developing an enterprise risk management framework
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Promoting enterprise risk management implementation
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Developing risk management strategies for Board approval
TIHOUN, CPA provides its expertise objectively and independently based on the International Standards for the Professional Practice of Internal Auditing of the Institute of Internal Auditors (IIA).
What is risk management?
Enterprise risk management (ERM) is defined as “a process, affected by an entity’s board of directors, management, and other personnel, applied in a strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within its appetite, to provide reasonable assurance regarding the achievement of entity objectives.” (COSO, 2004)
The main purpose of risk management is to help an organization achieve its strategic objectives. TIHOUN CPA can help you to understand risk so that management can make informed decisions.
Enterprise risk management enables your organization to prepare for risks and opportunities before they arise to maximize operational effectiveness and strategic gain.
How can you benefit from risk management?
Risk management allows your organization to be prepared for risks and opportunities before they arise to maximize operational effectiveness and strategic gains.
Our expertise in data analysis and computerized auditing: TeamMate
With the growth of technologies such as cloud computing, artificial intelligence (AI) and machine learning, audit professionals now have many opportunities to make audits even more effective. With TeamMate audit software, TIHOUN CPA can help you align with a more effective risk management strategy.
We incorporate several common repositories that we use in our daily work, such as COSO, ISO, SOX, COBIT, SOC, and many others.
Regulators, shareholders and tax authorities require that you have a structure that ensures that reports on key controls affecting financial statements are accurately described. TeamMate financial compliance solutions help you manage policies, key processes and controls using data-based collaborative technology that allows you to test 100% of your transactional data to reduce costly errors and eradicate fraud and asset abuse.
TIHOUN CPA can help you focus on risks where there is an optimal opportunity for improvement.
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