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Financial Auditing Service

Financial internal auditing service providing

Egyptian CPAs when providing an internal auditing Service will provide independent assurance that an organization’s risk management, governance and internal control processes are operating effectively.

ECPAs have a professional duty to provide an unbiased and objective view. We are independent from the operations we evaluate and report to the highest level in an organization: senior managers and governors. Typically, this is the board of directors or the board of trustees, the accounting officer or the audit committee.
To be effective provider of the internal audit activity, ECPAs is hiring highly qualified, skilled and experienced people who can work in accordance with the Code of Ethics  and the International Standards.

ECPAs role is adding value to organizations receiving internal auditing service
ECPAs Internal auditor’s role deals with issues that are fundamentally important to the survival and prosperity of any organization., ECPAs internal auditors look beyond financial risks and statements to consider wider issues such as the organisation’s reputation, growth, its impact on the environment and the way organization’s employees are treated.
In sum, ECPAs internal auditor’s role helps organizations to succeed. ECPAs do this through a combination of assurance and consulting. The assurance part of our work involves telling managers and governors how well the systems and processes designed to keep the organisation on track are working. Then, we offer consulting help to improve those systems and processes where necessary.
ECPAs when providing Internal auditing service will be engaged in the following range of activities:
1- Assessing management of risk
ECPAs is fundamentally concerned with evaluating an organisation’s management of risk. All organisations face risks. For example:
Risks to the organization’s reputation (if it treats customers incorrectly)

  • Health and safety risks
  • Risks of supplier failure
  • Risks associated with market failure
  • Cyber security and financial risks to name some key areas.

The key role of ECPAs is to lead organization’s success in managing those risks effectively – more effectively than competitors and as effectively as stakeholders’ demand.
To evaluate how well risks are being managed the ECPAs will assess the following:

  • Quality of risk management processes.
  • Systems of internal control and corporate governance processes.

across all parts of an organisation and report this directly and independently to the most senior level of executive management and to the board’s audit committee.
2- Assisting management in the improvement of internal controls
ECPAs knowledge of the management of risk also enables us to act as a consultant providing advice and acting as a catalyst for improvement in an organization’s practices.
So, for example if a line manager is concerned about a particular area of responsibility, working with the ECPAs recruited internal auditor could help to identify improvements. Or perhaps a major new project is being undertaken – the ECPAs internal auditor can help to ensure that project risks are clearly identified and assessed with action taken to manage them.

Why is ECPAs internal auditing important to your organization?

By reporting to executive management that important risks have been evaluated and highlighting where improvements are necessary, the ECPAs internal auditors help executive management and boards to demonstrate that they are managing the organization effectively on behalf of their stakeholders.
So, to summarize the mission of ECPAs internal audits role is ‘to enhance and protect organizational value by providing risk-based and objective assurance, advice and insight’.

ECPAs Activities during internal auditing process

Below are the key things ECPAs as an internal auditor does. Within these areas, it is important to think of the ECPAs as the organizations critical friend – someone who can challenge current practice, champion best practice and be a catalyst for improvement, so that the organization as a whole achieves its strategic objectives

  • Evaluating controls & advising managers at all levels.

ECPAs Internal audit’s role in evaluating the management of risk is wide ranging because everyone from the mailroom to the boardroom is involved in internal control. The ECPAs internal auditor’s work includes assessing the tone and risk management culture of the organization at one level through to evaluating and reporting on the effectiveness of the implementation of management policies at another.

  • Evaluating risks

It is management’s job to identify the risks facing the organization and to understand how they will impact the delivery of objectives if they are not managed effectively. Managers need to understand how much risk the organization is willing to live with and implement controls and other safeguards to ensure these limits are not exceeded. Some organizations will have a higher appetite for risk arising from changing trends and business/economic conditions. The techniques of internal auditing have therefore changed from a reactive and control-based form to a more proactive and risk-based approach. This enables the ECPAs internal auditors to anticipate possible future concerns and opportunities providing assurance, advice and insight where it is most needed.

  • Analyzing operations & confirm information

Achieving objectives and managing valuable organizational resources requires systems, processes and people. ECPAs Internal auditors work closely with line managers to review operations then report their findings. The ECPAs internal auditors are versed in the strategic objectives of their organization and the sector in which it operates in, so that they have a clear understanding of how the operations of any given part of the organization fit into the bigger picture.

  • Working with other assurance providers

Providing assurance to executive management and the board’s audit committee that risks are being managed effectively is not the exclusive domain of ECPAs internal audit role. There are likely to be other assurance providers who perform a similar role. This can include:

  • Risk management professionals
  • Compliance officers
  • Fraud investigators
  • Quality managers

Security experts …etc.

The difference between these assurance sources and ECPAs internal auditors is that ECPAs internal audit are independent from management operations and are able to give objective and unbiased opinions about the way risk are reported and managed. ECPAs Internal audit’s independence of executive managements is achieved through its functional reporting line to the chair of the audit committee and an administrative reporting line to the chief executive, as the most senior executive.

The interesting aspect within this structure is that ECPAs internal auditors can work constructively with other assurance providers to make sure the board’s audit committee receives all the assurance they need to form an opinion about how well the organization is managing its risks. It also means that the available assurance resources are optimized by avoiding duplication and gaps in the provision of assurance. Teamwork and developing effective working relationships is a key feature of ECPAs internal auditing.

But like all professions, ECPAs internal audit has our own skills and our own qualifications, technical standards and codes of practice.

These are all provided through the ECPAs internal audit professional body.

Whilst the financial skills of accountants are very useful, to do their job effectively, ECPAs internal auditors possesses a high level of technical internal auditing skills and knowledge. We are also effective communicators, good project managers, analytically strong and good negotiators.