Internal auditing and risk management

Internal auditing and risk identification is one of the hottest issues today, which occupies companies and organizations in Israel and around the world. Internal auditing aims to provide added value to the organization’s operation. It is an objective activity which is meant to construct mechanisms for streamlining risk management, command and control within the organization.

The business environment is a complex and rapidly-changing environment. As the complexity grows, so does the fear of exposure to various kinds of risks grow on the one hand, while on the other hand there is an increased need for defining operational procedures which match the relevant changes.

Barzily & Co.’s internal auditing department is comprised of professionals dealing solely with internal auditing. Each project is managed by a partner who provides from his knowledge, experience and professionalism, gained through a diverse auditing background.

According to the specific needs of the task, we put together a team which includes accountants, certified comptrollers, information systems auditors, expert business administrators and/or investigators.

We act so that the audit’s findings and results can serve as useful tools for the client. Through the audit process, we provide the audited party and/or the party ordering the audit with tools for improving efficiency, and identifying and avoiding risks.

The department’s services include: internal auditing, risk identification and management including embezzlement and fraud risks, consultancy, SOX project characterization and implementation, and computer systems auditing.

The departments clients hail from all sectors of the market – industry, trade, services, NGOs, research and development, the government sector, court houses, associations, and more.

The audited organizations include private and public companies, NGOs and government ministries. Some of the audited organizations are characterized by a complex organizational or operational structure – whether by way of subsidiary or associated companies, or by way of branch offices and divisions.

Areas of activity:

•  Business process mapping aimed at verifying efficient and effective management.
•  Identification of potential work process weaknesses and risks.
•  Implementation of preventative and disclosure controls aimed at minimizing existing exposure and assisting in the formation of a proper internal auditing mechanism.
•  Establishment of operational procedures and workflows for all organizational activities (including Sarbanes Oxley consultation and implementation).
•  Quality control for existing control mechanisms.
•  Ongoing support for employees and managers as regards operational procedures, information systems use, etc.
•  Organizational consultancy and methodology and organization consultancy.
•  Executive consultancy and guidance regarding real-time solutions for problems encountered.
•  Computerized information systems auditing – computer-assisted work processes.
•  Auditing on a one-time, periodic or ad-hoc basis.
•  Fraud identification, investigation and prevention.