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Internal Audit, in-depth and special audit

Internal Audit, in-depth and special audit

The Internal Audit Department of our firm assists many organizations and companies in reviewing their internal processes and overall financial management. Internal Audit includes in-depth audit and specialty audits, as needed. These processes monitor proper administration, as specified at the outset by the bi-laws of the organization, including lawful conduct, proper and economic use of financial resources of the organization, and setting procedures that can be implemented.

Our experts, led by Paul Staszewski, CPA, provide Internal Audit services both as independent Internal Auditors and as member / chair of the organization’s Internal Audit Committee. The service is mostly provided to NGOs, public benefit companies and non-profit organizations, as well as to private companies.

Our role, as a professional, objective entity, is to ensure that the organization follows protocol – and also to suggest ways to streamline and improve its processes. We consult and recommend new procedures, for easier operations and monetary savings. Internal Audit is an important, essential tool to ensure that the organization’s resources and procedures serve the overall purpose of the organization. In effect, it is the financial and management gatekeeper of the organization, designed to prevent waste, corruption and loss.

Our clients include many top non-profit organizations in Israel and overseas. Our team of experts can provide solutions for organizations with operations spread across the world. This requires not only simultaneous work with the various locations, but also knowledge of the tax effects of each country on employees and on the organization. We are privileged to work with many notable organizations.

 

Internal Audit for organizations and
companies in Israel and overseas

In Israel, all public entities with annual turnover higher than NIS 10 million are required to appoint an Internal Auditor. Therefore, most NGOs and public benefit companies require Internal Audit services. In recent years, audit services provided by the Department have also turned into a service used by private companies in a wide range of industrial sectors. International companies with multiple branches world-wide, required to report for the parent company often find that they are in a state of disarray. In such case, Internal Audit helps to ensure proper corporate governance across all branches and at the parent company. The experts in our Department assist many private companies in analyzing their work processes, including preparing financial procedures, putting proper administrative infrastructure in place, examining the different tax laws in various countries, and their impact on the branches and on the parent company. Later on, we assist in verification and supervision of the actual implementation of such processes.

Services provided by this department

  • Budget analyzation, actual vs. budget, internal management reports
  • Meeting minutes and financial statements of the organization.
  • Conducting in-depth audit and assisting the organization, in response to audit by the Registrar of NGOs
  • Drafting new procedures for the organization and for its internal reporting format
  • Review payroll, agreements and benefits. Review employment aspects within the organization, including terms for contractors and overseas employees
  • Expenses and internal procurement procedures, including online purchasing.
  • Review contracting by the organization with different suppliers to expose risks
  • Review options, securities and investments of organizations
  • SOX audit