Internal Audit

In today’s challenging environment in Sri Lanka, Internal auditing has become a consulting activity designed to add value and enhance an organization’s operations. It can help an organization reach its strategic objectives by analyzing and developing the effectiveness of risk management, control, and governance processes.

At Ranwatta & co, we design our internal audits to match the individual business needs of our clients. Our understanding of risks and areas of operational improvement of specific industry sectors and Sri Lankan markets can help our clients look deeper and see further considering areas like your organization culture.

Why your organization requires internal audit function;

Improves efficiency and effectiveness of operations;

Internal audit evaluates controls and implement recommendations to improve the efficiency and effectiveness of  organizations. This allows organization to be dependent on processes, rather than employees.

Identifies risk and protects the organizations assets;

Internal audits identifies risk factors that have the potential disrupt organization efficiency and effectiveness allowing management to take actions to mitigate these risks. Through mitigation of risks organization can protects its assets including human resources.

Assesses controls;

Internal audits assist organizations to improves the control environment of the organization and assist organizations to align its controls to reach the goals.

Compliance with rules and regulations;

Internal audits ensure compliance with any and all relevant laws and regulations. It can also help your organization to prepare for ISO and other statutory audits. Gaining client trust and avoiding costly fines associated with non-compliance makes internal audit an important and worthwhile activity for any organization.

Independent view;

Internal auditors view your organization with an unbiased and independent viewpoint.

Based upon our client’s needs, we provide following services;

Internal audit outsourcing and co-sourcing;

Our outsourcing and co-sourcing engagements comprise the performance of all or percentage of internal audit activities including the annual planning, execution, and reporting to management and the audit committee. We usually allocated dedicated internal audit team for these assignments.

Scope based internal audit services;

We conduct specific individual engagements where the client requires our specialist skills and expertise to deliver internal audit services. These assignments are focused on specific areas of an organization and conducted on ad-hoc basis according client requirements.

Loaning internal audit staff;

Loaned staffed engagements represent the provision of our internal audit staff members to work under the direction of our clients. Technical capabilities of our staff members depend upon the our clients requirements.

Internal audit training; 

We conduct internal audit trainings to technically update and share our experiences with our clients. We conduct trainings in both Sinhala and English languages.

Internal audit advisory; 

Internal audit advisory and training assignments are performed to assist our clients internal audit plans and includes internal audit services not captured by one of the other highlighted solution areas.

Quality of our internal audits

We consider quality our top priority. Having a comprehensive methodology, enabling technologies, and dedicated personnel isn’t enough to be successful in providing value to our clients in Sri Lanka without quality control mechanisms in place throughout.

To achieve highest quality possible, we consistently:

  • Complying with internal auditing standards;
  • Understand clients strategic focus towards internal audits;
  • Applying a deep and broad understanding of our client’s business and the financial environment in which they operate;
  • Using our expertise to raise and resolve issues early; and
  • Exercising professional scepticism in all aspects of our work.