Internal Audit

A&F - Internal Audit
  • Internal Audit assessment
  • Internal Audit department organisation & support

The term ‘Internal Audit’ has entered business life in Greece since the moment the 3016/2002 law was enacted (regulating issues of Corporate Governance among others) modernizing in an official context the Greek legal enterprising system and directing - the companies listed in the stock exchange of Athens – tο commission internal audits.

However, even for public companies the Internal Audit is an independent and objective function which aims at securing against risk and complacency adding Value to the organisation via mapping and evaluating the internal operations and reporting on gaps, weaknesses (possible fraud) and improvements.

At this point, it is necessary to emphasize the fact that it is not just Accounting Issues an Internal Audit is dealing with, as many believe. An Internal Audit is conducted and is necessary for all the Value adding departments such as Production, Warehousing and Logistics as they include crucial operations and accounting entries which impact business results.

Consequently, Internal Auditors need to have access to all organisational departments and take into consideration and analysis all information in documents, files, accounting books and bank accounts.

What should you expect from an Internal Audit department:

  • The deployment of its functions so as to monitor and direct compliance to the Memorandum and the Articles of Association as well as to the corresponding legislation, paying attention to all the legislative reforms concerning public companies and companies listed in the Stock Exchange of Athens
  • The preparation of the yearly evaluation programme that will be deployed, informing (at least once in three months) the Managing Board of its progress, in writing
  • The recommendation of new evaluation-monitoring practices and/or new areas where Internal Audit should be deployed, improving the effectiveness of the IA function
  • The presentation to the Managing Board of cases of conflicts of interest between Board Members interests and Company interests or between Company Managers interests and Company interests
  • The legal evaluation of the remuneration offered to Board Members and Management in relation to the existing decisions and policy 

Our consultants are proficient on all Accounting practices as well as on Production, Warehousing and Supply chain operations, having deployed Internal Audit projects in companies in diverse sectors such as IT, Hotel & Catering, Tourism and Manufacturing-Production, recommending corrective actions that reduce risk whilst improving clarity and focus on the targets

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