• Auditing
• 2021-08-24
• Mr. Wasim Firoz

Internal Auditing Tips And Tricks By Risians Accounting

Internal Auditing is the best tool for business management to evaluate and improve the business working processes. It defines which are working well and which are not and how you can improve. In order to achieve business goals, internal auditing plays a vital role to keep working business processes and procedures effectively. In this blog post, we are going to share simple and easy-to-use tips and tricks that can make your internal auditing process simple and easy.

Why Is Internal Auditing Worthy?

Internal Auditing is worthy for several reasons.

1. The Internal Auditing report provides the proper insight about the processes and procedures of the business that enable the new opportunities to improve business processes and procedures in order to achieve the business goal.
2. It helps us to find the root cause of any processes and procedures problems.
3. It saves time, money, and effort. And etc.

Tips and Tricks To Conduct A Successful Internal Audit.

1. Set Your Clear Goal Towards Auditing - First you have to ask yourself what and why am I going to do and achieve? Create the solid based on determining business processes like production, purchasing, development, warehousing, etc.
   
   
2. Prioritize - Internal auditing is part of the whole organization. You have to set priority to determine which process component needs your attention urgently.
   
   
3. Ask The Right Question - Think carefully about the issues in the planning states so that you can ask the appropriate questions with the associated people of the process. For Example. What is going on currently?How is it running? What is the area of problems and risks? What is the objective and how are we far from it? And etc.
   
   
4. Use The Right Tool - While selecting a tool you need to keep in mind the department process and objective so that you can perform effectively and deliver good results by your auditing.
   
   
5. Performing Internal Audit  - To conduct a Successful internal audit we need a variety of information from different sources to ensure that the process is being followed correctly. To get this follow this:-
   -Learn the expected procedures
   - Observing procedures
   - Check the records and similar documents
   - Interact with the other members of staff
   
   
6. Follow Up - You should verify all the preventions and corrective action during internal auditing so that you can ensure that you are on the right way. In some exceptional cases, it may not be done, it may need time or change to the corrective action.
   
   
7. Documents - It is an important part of internal auditing to make sure that all the relevant documents are correct and maintained properly. The document may be outdated formatted to change the address to non-conformity. You can tell them to correct them so that you can perform an audit with the right information in the right format.
   
   

Internal Auditing Mistake that you should Avoid.

1. Often auditors forget to add value so that you can put value without wasting time.
   
   
2. Most auditors don’t start planning before the day of auditing. They start planning later which consumes a good amount of time.
   
   
3. Don’t cover your report with the No. of points. Keep your auditing report easy to read and simple so that management can use it effectively because no one loves to read a lengthy report.
   
   
4. The auditor does not prepare yourself for an unexpecting thing when it appears they take time to resolve. Auditors should prepare some plans for unexpected things so that they make a good image in the eyes of management.

We hope these tips and tricks help you in internal auditing. If you are looking for an auditing service we would like to help you. If you have any questions, doubts, and need consultation then feel free to contact us it would be our pleasure to help your business.