Internal auditing makes ensuring that company goals and objectives are achieved as well as that the organization is operating fairly enough to reduce risks. Internal auditors collaborate with an organization to methodically examine its systems and business operations to accomplish this. The main goals of these evaluations are to evaluate how effectively risks are handled and whether established processes are being followed.Internal auditing is a technique that allows for a complete and in-depth study and analysis of a business. The internal audit is carried out to determine the company’s current state and to confirm that the organization is adhering to all compliance regulations set forth by the relevant authorities.One of the two types of audits that a business can perform is an internal audit. This kind of audit is typically carried out by companies with strong financial support. Such a company is also capable of creating and maintaining its audit department. This will enable the management to conduct an audit quickly following the needs and specifications of the business.

Need for Internal Auditing

  • Improves operational effectiveness

Periodically, an internal audit analyses the policies and practices of your company. These procedures aid in reducing your company’s risk. You can find suggestions to increase the efficiency of business operations thanks to ongoing monitoring and review.

  • Assesses risks and safeguards assets

Through a methodical risk assessment, an internal audit program helps management and stakeholders identify hazards. Any weaknesses in the company environment can be identified and remedied with the use of a risk assessment.

  • Successful Control

Internal audit reduces business risks, which increases organizational efficiency. The management can find the best solutions to the main company risks with the help of regular auditing.

  • Makes sure that corporate laws and regulations are followed

Internal audit aids in getting your business ready for an external audit. Internal audits conducted regularly will make it simpler to draught legal documents.

Internal Auditing Benefits

  • Internal auditing aids in performance analysis by assisting a company in evaluating its effectiveness and efficiency.
  • By proactively identifying any irregularities or inconsistencies in a company’s operations or reporting, it can serve as a proactive tool for risk management.
  • An organization can examine its most important business processes with the aid of internal auditing, giving it the chance to grow and get better over time.

Process of internal auditing

Although the audit requirements vary depending on the business, the audit process, which consists of nine steps, is generally the same. The following procedures are carried out by audit companies to reduce business risks and boost productivity inside an organization:


Internal Auditing Services at GSPU

The following internal auditing services are offered by our auditing company:

  • Assessing company risks and making appropriate recommendations.
  • Compliance auditing, which provides management with information on the level of adherence to established policies, procedures, laws, rules, contractual requirements, etc.
  • Analyzing business operations to evaluate how well the organization performs concerning its business goals.
  • Giving guidance and aiding the company in the creation of internal audit and risk methods.
  • Helping the management identify and assess any financial irregularities, as well as gathering any documentation needed for legal proceedings.
  • Evaluating a company’s internal control systems, assuring the conformity to local laws and regulations, and verifying compliance with operational guidelines.
  • Finding potential sources of side income and any holes in the current revenue streams
  • Delivering helpful suggestions for enhancing control systems

Why WE?

We provide both interim and full-time internal auditing at GSPU. To assist clients in enhancing performance and operational effectiveness, our internal audit professionals use a risk-based approach to internal audit. To raise internal audit to a position even more strategic and beneficial in the current corporate governance climate, we go beyond standard fundamentals and bring concrete value.

Regarding the calibre and efficacy of the control environment within the organization, we offer an unbiased expert assessment and recommendations. We also pinpoint opportunities for development and put plans into place to assist you in achieving your organizational goals and positively impacting the efficient running of your company.

How do external audits work?

An external audit can be thought of as a procedure in which all of a company’s financial records are inspected. This kind of audit is typically carried out by a third party without any connection to the entity being audited and under a court order. An external audit will offer thorough information about the company, much like an internal audit does, and this information will be useful to management as well as to investors and shareholders. Since an external audit is carried out by a third party, it is thought to be more unbiased and objective. To carry out the company’s external audit, the management must designate a unique auditor or auditing team. These factors make it crucial to perform an external audit of a corporation.

What Benefits Are associated with External Auditing?

Conducting an external audit for a company has a lot of benefits than just being impartial, like:

  • A thorough and thorough company report.
  • Makes ensuring that all legal jurisdiction’s compliance standards are followed.
  • Since it is being carried out by a third party, it will also offer a distinct viewpoint on how to operate the company.
  • Helps the management make wise and effective resource use decisions, reducing waste.
  • Increases investor trust and attracts further investors.
  • Helps to comprehend how the company operates and will get it ready for the future.
What distinguishes internal auditing from external auditing?

Internal audits and external audits are the two types of audits that are available to businesses. Although they differ from one another, these audits produce comparable results.

  • Internal audits are undertaken by an individual or team of people who are employed by the company, as opposed to external audits, which are often carried out by an individual or team of people who are unrelated to the organisation.
  • While an internal audit is carried out by management to understand business operations and assess whether anything can be improved, an external audit is often undertaken to ascertain whether the management’s information is valid and credible.
  • An external audit can be carried out towards the end of a fiscal quarter or year, as well as if there has been a significant change in the organization’s structure or finances. As it is carried out by a specialised department of the organisation, an internal audit can be carried out per the needs and requirements of the business.
Why are businesses needed to conduct external audits?

A corporation may need an external audit for a variety of different reasons. The following are some advantages of external audit to a business:

  • An external audit offers a perspective on the company from the outside, which can assist management in comprehending the company and its environment.
  • It serves as a standard for firms and helps management make future planning decisions.
  • A corporation must satisfy several compliance regulations, and an external audit helps to ensure compliance.

An external audit increases the company’s credibility and aids in luring in more and more investors

How does an external audit work?


External Audit

Forensic Audit

Operational Audit

Investigation Audit

Digital Audit


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