The role of internal audit is to provide independent assurance that an organisation's risk management, governance and internal control processes are operating effectively. To be effective, the internal audit activity must have qualified, skilled and experienced people who can work in accordance with the Code of Ethics and the International Standards.

Numerica Internal auditors deal with issues that are fundamentally important to the survival and prosperity of your organization. Our internal audit looks beyond financial risks and statements to consider wider issues such as the organisation's reputation, growth, its impact on the environment and the way it treats its employees.

Numerica’s Internal Audit helps organisations to succeed, 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.

An external audit's main purpose is to validate a company’s financial statements and to provide assurance of the accuracy of the financial reports to both management and to third-parties. During the process of an external audit, an auditor will thoroughly review a company's financial and accounting records, checking for the accuracy and completeness of these records and whether they have been prepared in accordance with the generally accepted principles (GAAP).

Through thorough planning, we devote our time to fully understand each of our client’s business needs, identify the key areas and risks to which the business is exposed. Improvement is fundamental to the purpose of internal auditing. The external audit is done by advising, coaching and facilitating in order to not undermine the responsibility of management.

Our recommendations enable our clients to make practical business decisions, leading to optimized operations and reduced inefficiencies.

An operational audit refers to the process of evaluating a company's operating activities – both on a day-to-day level and a broader scale. While other types of audits might look solely at a single department or the company's finances, an operational audit delves deeper. It serves as a detailed look at all of the internal departments and processes that make up a business's operations. Whereas a regular audit evaluates financial statements, an operational audit examines how a company conducts its business, with the aim of increasing overall effectiveness.

The aim of an operational audit is ultimately to optimize efficiency. By auditing the business's internal policies and procedures, the company can identify trouble spots and operate more effectively. The outcomes gleaned from the audit are most useful to the management team, who can take these recommendations on board to streamline future processes.

A financial statement audit is the examination of an entity's financial statements and accompanying disclosures by an independent auditor. The result of this examination is a report by the auditor, attesting to the fairness of presentation of the financial statements and related disclosures. The purpose of a financial statement audit is to add credibility to the reported financial position and performance of a business.

Numerica auditors exercise professional judgement and form their overall conclusion, based on the tests they have carried out, the evidence they have obtained and the other work they have done. Our team interacts with the company during all the phases of the audit process listed above. There will be continuing discussions and meetings with management, both at operational and senior executive levels, and with those charged with governance. We help our clients ensure business improvements, compliance, boost credibility, detect and prevent fraud and overall better planning and budgeting.

A financial statement audit is the examination of an entity's financial statements and accompanying disclosures by an independent auditor. The result of this examination is a report by the auditor, attesting to the fairness of presentation of the financial statements and related disclosures. The purpose of a financial statement audit is to add credibility to the reported financial position and performance of a business.

Numerica auditors exercise professional judgement and form their overall conclusion, based on the tests they have carried out, the evidence they have obtained and the other work they have done. This conclusion forms the basis of the audit opinion.

Our team interacts with the company during all the phases of the audit process listed above. There will be continuing discussions and meetings with management, both at operational and senior executive levels, and with those charged with governance. We help our clients ensure business improvements, compliance, boost credibility, detect and prevent fraud and overall better planning and budgeting.

A compliance audit is an independent evaluation to ensure that an organization is following external laws, rules, and regulations or internal guidelines, such as corporate bylaws, controls, and policies and procedures.

Although most people are familiar with financial audits, compliance audits are not merely financial. Compliance Audits may also review IT and other security issues, compliance with HR laws, quality management systems, and other areas.

Compliance is important for many reasons. Aside from signifying levels of professional standards, like the ISO 9000, ISO 14000, and other guidelines, noncompliance with regulatory guidelines may bring sanctions and penalties.

Numerica Compliance Audits provide recommendations on ways to make improvements or corrective actions and to prevent future deficiencies or nonconformities. Audits determine the number of compliant versus non-compliant processes and they also help organizations to stay in compliance with frequently changing regulations. In addition, audits identify areas of risk for noncompliance within the organization and report these appraisals to management and the appropriate regulatory entity as applicable.

Financial control is a critical part in the internal control and auditing function of any organization. During a financial audit control, the auditor reviews how the bookkeeping is done, how transactions are entered into the system, how financial transactions are reported and how adequate and secure the internal controls are.

At Numerica we have a team of experienced and highly skilled internal auditors which will work on your financial control auditing. We assist you in mitigating the financial compliance, regulatory and internal financial risk management.

Description goes hereThe Investigation Audit is the act or process of making enquiry into, reviewing, and analyzing any or all systems under the top management of a company or institution, in order to find out the real facts, or the possibilities of some desirable or undesirable occurrences, for certain specified purposes.

Numerica Investigative auditors gather evidence regarding fraudulent or abusive activity affecting the business. Their audits are designed to detect and deter the misappropriation of assets and to reduce future fraud risks.

Inventory audits check to ensure that financial records match a company’s inventory records and that those records align with a physical inventory count. As part of that physical count, employees go through every item in the warehouse, typically with the assistance of technology that adds up and records products on hand. Audits add another piece to this, bringing in a third party to confirm not only the quantity of inventory but also its quality and condition — and identify any instances of theft, damage or misplacement.

For public companies, inventory audits are required if the inventory is considered material. For private companies, the requirements are situation-dependent. Many companies conduct inventory audits as a part of a financial statement audit — the latter of which is usually required by their investors or bank.

An accounting firm won’t confirm a balance sheet without participating in a physical inventory observation. Any businesses that want to comply with GAAP also need to perform inventory counts.The audit must be conducted by an independent, external, certified auditor at least once a year as a part of the overall financial statement audit. It serves to verify the inventory part of the book value of the company.

Financial institutions are finding themselves in a fundamentally altered risk and regulatory environment, trying to navigate a new competitive landscape with evolving business models. Risk management is the process of identification, analysis, and acceptance or mitigation of uncertainty in investment decisions.

Numerica Chartered Accountants is a leading provider of integrated risk management and regulatory services. We can help you tackle the numerous challenges of risk management. By teaming with you, we create innovative answers that can help you see risk management as a means to accelerate your performance.

Numerica’s Financial Services Risk Management bring you a combination of qualitative, quantitative, regulatory and technology skills. Our team of professionals help your organization drive efficiency, effectiveness and balanced risk coverage across governance, risk, and compliance activities.

We can provide you with professional integrated risk measurement and risk management services in local regulatory environments while also considering the impacts of digital transformation in the areas of risk and regulation.

International Financial Reporting Standards (IFRS) set common rules so that financial statements can be consistent, transparent, and comparable around the world.

At Numerica we support our clients to meet the IFRS reporting requirements. The deep and relevant expertise of our advisors enables us to provide complex services to assist our clients with all areas of IFRS.

The adoption of IFRS standards allows organizations to simplify their accounting processes and improve their efficiency. Companies can maintain their competitiveness much easier if they prepare financial statements according to the international standards since that can make them more attractive for foreign investors, who will in turn receive internationally comparable and transparent data for their investment decisions and avoid potential business risks related to planned investments.

An Independent Review is a review engagement performed by a practitioner who was not involved in the preparation of the financial statement.

Many business owners opt for an audit without knowing that the choice of an independent review is available, so breaking down the difference between an independent review and an audit is important.

The Accounting Team will review your financials and find your Public Interest Score, providing insights and advice on which option to take.The Accounting Team also provides reviews of a business’s financial statements to simply determining that no financial errors or miscalculations have occurred. This type of independent financial review requires less rigorous investigation, and the costs inevitably are less than expected for an audit.

The Investigation Audit is the act or process of making enquiry into, reviewing, and analyzing any or all systems under the top management of a company or institution, in order to find out the real facts, or the possibilities of some desirable or undesirable occurrences, for certain specified purposes.

Numerica Investigative auditors gather evidence regarding fraudulent or abusive activity affecting the business. Their audits are designed to detect and deter the misappropriation of assets and to reduce future fraud risks.