internal audit

The internal audit is an important element. The greater the size of the project, the greater the need to provide an effective internal audit system so that the internal audit is practiced on all aspects of the project's activities, whether it is an administrative or financial activity.

internal audit

The internal audit is an important element, the greater the size of the project, the greater the need to provide an effective internal audit system so that the internal audit is practiced on aspects of the project's activities, whether it is an administrative or financial activity. To review for the purpose of discovering any embezzlement or tampering with it, to achieve effective control over the assets of the facility, to ensure that operations are carried out in accordance with what is specified in the previously defined policies, procedures and systems of the facility, and that there are no violations of the powers and authorities specified in the organizational structure of the facility from any of the organizational levels in the facility Ensure the proper implementation of the tasks assigned to the employees in the various activities of the facility without any negligence and in accordance with the objectives set for them, ensure the development of effective control procedures, ensure that the senior management of the facility applies all standards of governance and transparency systems, cooperate with the external auditors of the facility, and meet any needs of them As well as ensuring the complete and immediate treatment by the executive departments of any observations of the external auditors during the period of the periodic review of the facility.

internal audit objectives

Reviewing and evaluating the internal control systems.
Determine the extent to which employees adhere to the facility's policies and procedures.
Protecting the company's assets..
Preventing fraud and errors and discovering them if they occur.
Determine the extent of reliance on the accounting and financial reporting system and ensure that the information contained therein accurately reflects reality.
Carrying out regular and periodic reviews of the various activities and submitting reports on the results and recommendations to the senior management.
Determine the facility's compliance with government requirements.
Evaluate the performance of individuals in general
Cooperate with the external auditor to determine the areas of external audit.
Participate in cost reduction programs and set the necessary procedures for them.

The internal audit objectives can be divided into two main objectives

protection target

This goal includes preserving the safety of the company's assets of all kinds, financial and accounting systems and procedures, policies and plans approved in the company, records, documents, files and the mechanism approved in the facility.

development goal

This objective is represented in the review function, which is a therapeutic and guiding function that deals with examining, reviewing, tracking, identifying and analyzing positive and negative results, developing solutions for them, and submitting them with recommendations and proposals to the management, as well as providing and supplying this administration with data and information on these results, which include all aspects of the facility's activity.

Internal audit entries

Entrances to review the extent of compliance

The review process from these entrances aims to verify whether the workers at the various administrative levels have complied with the letter and spirit of the orders and instructions issued by the senior management and followed the appropriate procedures in the implementation of their duties. This review is carried out through three approaches:

verification entrance

Under this approach, evidence and proofs are sought to prove the correctness of accounting operations

Introduction to the documentary review

In this entry, he relies on documents that prove the validity of the restrictions and the legal compliance with the conditions to be followed in transactions and operations.

Introduction to systems audit

The focus, according to this entry, is on the system itself. He takes each system separately, examines and evaluates it, and tries to link it with other systems. This is to verify that the systems in place are working properly. And it achieves the purpose for which it was set.

Therefore, our employees at TRAAC have the competence and professional experience in the field of internal auditing.