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INTERNAL AUDIT
“Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.”
– Definition of Internal Auditing, Institute of Internal Auditors (2009) Internal controls are an organization's main mechanism to manage risks. But are those controls ever tested? MAC & Associates approach is to help clients, identify areas of redundancy. By deploying experience personnel to intimately understanding each client's business, we gain better insights to help uncover weaknesses, loopholes and effectiveness that derails client from achieving its goals. |
Total Outsourcing
Most companies appreciate that internal auditing is not their core competency. Developing this service required investments of specialized personnel and methodologies. Acquiring the right resources and maintaining the resources can be challenging. The cost of maintaining a dept with 2 staff is approx RM180,000pa.
Total outsourcing allows companies to focus their strategic resources on key business activities. It allows flexibility for companies to adjust the audit plan and tap the expert knowledge of internal audit and risk management capabilities when the needs arises. |
Co-sourcing
Provide the organization with all of the technical and expert resources they require on-demand, or supplementing the in-house internal audit staff in peak period activity without the need to hire full-time staff.
The organization still retains control of their processes, knowledge base while leveraging expertise of professionals. |
Statutory Requirements
Para 15.27 of the Bursa Malaysia Securities Berhad's Listing Requirements requires a listed issuer must establish an internal audit function & function to report directly to Audit Committee.
Part 2 (VII) of the Malaysian Code of Corporate Governance emphasis to Public Listed Companies to establish an internal audit function and identify a head of internal audit.
Part 2 (VII) of the Malaysian Code of Corporate Governance emphasis to Public Listed Companies to establish an internal audit function and identify a head of internal audit.