Operational and Management Audit

A review of management control is an assignment to examine the existence, appropriateness, adequacy and proper functioning of the management systems and management controls to ensure the attainment of the objectives of a company or organization.

Our work will include an assessment whether management has designed and implemented all the necessary policies, procedures and control techniques to make sure that operations, including management and personnel structure are effective, efficient, and financially prudent. We will also , identify deficiencies or weaknesses in internal controls of the management systems that may impede the attainment of targets and the achievement of expected results.

Our review will utilizes the risk-based methodology as described by the International Standards of Auditing (ISA). This methodology will be modified to fit the requirements and specific conditions of company or organization.  This modified methodology focuses on business and fraud risk (both are referred to as inherent risk) and the processes for controlling these risks. It starts from understanding, identification and evaluation of risks, followed by understanding, identification, evaluation of the controls that are designed to mitigate the risks, and finally perform test to make sure that the controls are implemented effectively throughout the period.  Inherent Risks and Controls Risks will be assessed whether they are Low, Medium or High. Focus on the review will be on those that High.