Internal Audits
Independent evaluations of your organization’s internal controls, risk management practices, and governance processes
What is it?
An Internal audit is an independent evaluation of your organization’s internal controls, risk management practices, and governance processes. This service helps identify inefficiencies, uncover risks, and ensure compliance with regulatory requirements and industry best practices. Internal audits are critical for continuous improvement, operational efficiency, and mitigating potential risks within your organization.
Internal audits also encompass operational, compliance, and IT audits, all of which contribute to a more effective and efficient organization. With a well-structured internal audit, you can protect your business from potential risks.
Our Process
1
Initial Consultation & Scope Definition
We begin by engaging with your leadership and key stakeholders to define the scope of the internal audit. This includes understanding business objectives, areas of concern, and key compliance requirements.
3
Audit Planning & Resource Allocation
We develop an audit plan tailored to your specific needs, ensuring appropriate resources are allocated to review key areas such as financial controls, IT security, operational processes, and regulatory compliance.
5
Testing & Evaluation of Internal Controls
We test the controls in place to evaluate their effectiveness. This includes reviewing transaction samples, control activities, and adherence to established procedures and regulatory requirements.
7
Report Generation & Presentation
We deliver a detailed internal audit report, outlining our findings, risk assessments, and recommendations for improvement. We present this report to your senior management team for discussion and action planning.
2
Risk Assessment & Control Evaluation
Our team conducts a thorough risk assessment, evaluating the effectiveness of your current internal controls, policies, and procedures. We focus on identifying weaknesses or gaps that could pose risks to your operations.
4
Fieldwork & Data Collection
During the fieldwork phase, we gather data through interviews, document reviews, system inspections, and data analysis. This hands-on approach helps us gain a comprehensive understanding of your processes and controls.
6
Audit Findings & Risk Identification
We identify any risks, deficiencies, or areas of non-compliance. Our team evaluates the severity of these issues and provides actionable recommendations to mitigate them.
8
Follow-Up & Continuous Monitoring
We provide follow-up services to track the implementation of corrective actions and ensure that risks are being effectively mitigated. This includes periodic reviews to confirm ongoing compliance.
Your Deliverables
Comprehensive Internal Audit Report
Outlining findings, risks, and recommendations for improvement.
Risk Assessment
Report
Highlighting areas of concern and potential threats to operations.
Control Evaluation Summary
Detailing the effectiveness of current internal controls.
Actionable Remediation Plan
For addressing identified deficiencies and enhancing processes.
Follow-Up
Reports
For tracking the implementation of corrective actions.
Why Choose NDB?
At NDB, we combine years of experience with a commitment to delivering customized, high-quality solutions. Our independent approach ensures that we provide an unbiased, objective assessment of your operations, and our actionable insights help mitigate risk while improving efficiency.
By working closely with your team, we tailor our audits to meet your specific needs, delivering real value and support throughout the process. With NDB, you can be confident in the strength of your internal controls and the effectiveness of your risk management strategies.
Key Highlights about NDB:
Expert Team: Certified professionals with extensive experience in compliance and cybersecurity.
Comprehensive Services: Offering a wide range of services, including SOC 1, SOC 2, PCI DSS, ISO 27001, HIPAA, GDPR, CCPA, and more.
Tailored Solutions: Customizing our services to meet the specific needs of various industries and organizational sizes.
Commitment to Excellence: Focused on delivering high-quality services that empower clients to thrive in a complex regulatory environment.
Client-Centric Approach: Prioritizing collaboration and communication to build strong partnerships with our clients.
Canada’s Leading Provider for All Things Compliance
Fixed-fee services for SOC 1/SOC 2, PCI DSS, ISO 27001, HIPAA, HITRUST, GDPR, Pen Testing, Data Privacy, and so much more.