A successful business runs off trust. While trust is often developed as a result of long standing relationships, the evolving, often fast paced nature of business means that organisations are frequently dealing with new players, be they investors or stakeholders.
The External Audit is one such tool that aids organisations in communicating trust when dealing with new players, while maintaining the privacy of sensitive business information. While such audits are not designed specifically to uncover fraud, the nature of the audit is such that often functional weaknesses are discovered that are valued by the organisation in its quest for improvement and excellence.
The management in any organisation would often benefit from a fresh pair of eyes in examining the various functions of a business, financial and non-financial.
Performing an internal audit requires scrutiny of business functions down to the lowest processes and the interaction with people. From the point of view of organisational performance, compliance and security, internal audits are indispensable for any well organised business.