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Internal audit’s role and responsibilities has changed dramatically in the last 20 years, evolving from a traditional policeman role, with a charter of protecting assets and corporate policies, to that of an internal consultant, with an enterprise wide vision to enhance shareholder value and improve operations. Internal Audit therefore shifted from its transaction-based compliance role to being more proactive at creating value for the business.

Many organizations are facing stakeholder, investor and/or public uncertainty. Management’s need for timely and reliable business information has never been so critical. The effects of the corporate scandals that destroyed global companies overnight mean that the business leaders have to divert their efforts to corporate governance as well as executing their strategy for achieving business objectives.

 

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IMPORTANCE OF RISK MANAGEMENT AND INTERNAL AUDIT

Different instruments are used in different sectors about risk management centered audits. For example; in finance sector; international standard related to capital sufficiency is defined as Basel II. These new arrangements will be executed in Turkey beginning from 2007 in banking sector. For this reason these instruments will effect the relations between finance sector and small - medium sized enterprises in Turkey.

Sarbanes Oxley act which was effective as of 2002 in USA, has took place on the agenda of our country after EU countries. In this process, it is expected that, internal audit appliances will be a compulsory function beginning from the public companies.

When all of these are taken into consideration, an Internal Control System should be established which covers the internal processes of the companies within the frame of Corporate Governance for the below purposes;

  • Reliability of the financial reporting ( Sarbanes- Oxley Act )
  • The effectiveness and efficiency of the operations ( Operations )
  • Compliance with the applicable laws and regulations ( Compliance )

As it can be understood from the above purposes, Corporate Governance Model is based on ; to test the risk management process, to evaluate the effectiveness and efficiency of the control mechanisms whether covering the risks or not , to determine the deficiencies of mentioned controls and suggestions for the improvement. An effective Internal Control System examines wide range of topics including the organization structure, policies and procedures, human resources management, accounting system and management information system.

All these actions , as restructuring, increase the performance of the company, bring in professional management and in conclusion; generates positive contributions to the company culture.

 

Independent Risk Consulting and Internal Audit Services

IRC is an independent consulting company providing professional , internal audit and risk management services that enable government entities, companies, international organizations to accelerate opportunities, improve business performance and manage business and technology risks efficiently and effectively.

IRC’s integrity and professional competence are the basis of providing quality service. IRC strives to earn and maintain trust and confidence of its clients. To ensure providing quality professional services in an independent, objective, and ethical manner IRC has blended a value added consulting approach with professional standards, ethical values and devotion to social responsibility. Our shared values and ethics in action program support our corporate environment, guiding the actions and behaviors of each IRC team member.