Recent developments in the U.S. related to financial scandals have put internal audit on the scene. In Turkey the Banking industry has led the way in forming Internal Audit functions. As a result, other industries have also taken interest in internal audit. The main factor in this interest has stemmed from internal audits' transforming itself from historical audit toward a risk based audit.

The Institute of International Auditors defines internal audit as follows:

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.

Internal audit provides reasonable assurance to the board and senior management on the companies operations. As result, internal audit is a very valuable control and management tool for the board. Internal audit is a mechanism that can identify inefficiencies, mistakes and risks that may hinder the proper operation of the company. Furthermore, internal audit contributes to the transparency and accountability of the processes.

Internal audit is a management tool. Internal audit is not a function to find the faulty processes but to ensure that the gaps in the processes are indentified. In this respect, internal audit is function that should be given strong support throughout the organization.

Cerebra can assist in the following needs of companies related to Internal Audit:

• Transform internal audit function from a historical audit perspective to a risk based audit function,
• Ensure that internal audit provides value added audit capabilities,
• Ensure the reliability of the internal control environment,
• Minimize fraud events.

How Cerebra can help you

Cerebra provides wide range of services with respect to Internal Audit.

• Establishing an internal audit function,
• Ensure the effective functioning of the internal audit function,
• Providing internal audit services as an outsourced function,
• Providing internal audit services together with the current internal audit department (co-sourcing),
• Assessment and development of the internal control environment,
• Assessment of the IT controls,
• Internal audit trainings.