Establishment of internal audit

Successful organizations recognize that effective internal audit can make a significant positive contribution to risk management and smooth business operations. In our country, occurrences of financial fraud are becoming more frequent, making internal audit crucial. Its role is to uncover irregularities in case of asset and financial resource misuse, waste, and inefficient use of available budgetary funds.

In collaboration with your team, HLB Mont Audit provides consulting services on establishing the company’s internal audit and aligning its activities with the legal regulations of Montenegro and the IIA Standards of Professional Practice for Internal Auditing.

HLB Mont Audit’s services in establishing the company’s internal audit include the following phases:

Phase 1: Defining the body in the organization to oversee the work of internal audit.
Phase 2: Conducting interviews with management.
Phase 3: Reviewing the Audit Committee Charter (where applicable).
Phase 4: Defining indicators to measure the company’s success.
Phase 5: Reviewing Policies and Procedures.
Phase 6: Discussing topics related to internal controls.
Phase 7: Developing the “Audit Universe.”
Phase 8: Mapping key Processes/Operations.
Phase 9: Developing/enhancing risk assessment in the company.
Phase 10: Developing the internal audit Charter.
Phase 11: Preparing the internal audit Budget.
Phase 12: Developing the internal audit Plan.
Phase 13: Staffing policy for audit personnel and developing a training plan.
Phase 14: Ensuring comprehensive cooperation.
Phase 15: Establishing reporting lines based on best practices.
Phase 16: Establishing a Quality Assessment Program.

Our team members are certified internal auditors of the Montenegro Institute of Internal Auditors; authorized experts for external quality assessment of internal audit in the company (EQA), and practitioners with years of experience as internal audit managers in companies.

APPLICATION FOR HLB PROFESSIONAL SERVICES