Corporate governance audit
Organisations are required to assess how well-established is their corporate governance audit framework and assure the quality of the board performance.
The Chartered Institute of Internal Auditors (IIA) defines governance as “the combination of processes and structures implemented by the board in order to inform, direct, manage and monitor the activities of the organisation toward the achievement of its objectives”.
To find out more about our corporate governance audit reporting service, contact us.
What is corporate governance in auditing?
In essence, corporate governance is the way in which a company is managed and the system of rules and processes informing that. It concerns everything from how the board of directors supervises management and reports to shareholders to how effectively the shareholders appoint directors. It’s very important to have an audit of your corporate governance system every so often so that your business can be sure that it is operating in a way which balances fairly the interests of all its stakeholders.
The role of an audit in corporate governance
There’s a lot of value in getting an external party to carry out an unbiased audit of a business’s corporate governance. It can help to:
• Improve your company’s compliance with laws and regulations.
• Protect your company from fraud and other financial irregularities.
• Mitigate potential legal risks so that your company is more likely to avoid getting involved in lawsuits.
• Improve your company’s reputation by showing stakeholders how committed it is to following good corporate governance practices.
• Attract new investors who can be assured that your organisation is run properly and with full accountability.
Our team of professionals are well versed in the fields of auditing, business administration and law.
How is corporate governance audited?
The first step is contacting an independent auditor to carry out the assessment. Kreston Global is perfectly suited to help you in this regard, having a global team of experienced auditors based all around the world.
There are various documents that you will need to provide so that the auditors can conduct a thorough investigation resulting in the most useful suggestions for improvement. For example, you may be asked to supply committee minutes, board of directors’ minutes, risk-management documentation and financial statements.
If you are aware of any potential weaknesses in your company’s corporate governance framework, you can flag them to the auditor at the start so that they can pay special attention to them during the process and then feed back.
Be prepared to let the auditor interview key members of your business, too. Conversations with the CEO, CFO and board members may all be part of the process, giving a clearer picture of how the framework is currently functioning.
Corporate governance audit frameworks
Our corporate governance advisory service assists organisations, boards, audit committees and management in strengthening corporate governance frameworks. Our team of professionals is well versed in the fields of auditing, business administration and law.
Our corporate governance audit services
We have 160 firms spread out globally across 115 countries, and the experts who work for us know exactly how to assess your corporate governance framework in the context of the country in which you’re based.
Our services include:
- Audit and assessment of corporate governance, corporate performance and effectiveness of the board of directors and committees.
- Procedures for corporate governance, boards of directors and their committees.
- Consultancy service to the board of directors and guidance in decision-making.
- Relevant professional lectures and presentations are offered to directors.
If you’d like to learn more, simply find your nearest Kreston firm today.
Why choose Kreston Global?
We are a network of 25,000 professionals working in 160 independent accounting firms that have been going strong for over 50 years. With a global outlook, helping businesses to succeed on an international scale is at the heart of what we do. All of our global member firms adhere to the International Standards on Quality Control, International Standards on Auditing for the Conduct of Transnational Audits and the Code of Ethics as issued by the IESBA.
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You can rely on us to help you with matters concerning taxation, regulation, and reporting and compliance requirements, no matter how much of an international focus your business has, thanks to our specialists’ thorough knowledge of regional regulations.
Our experience, expertise and professionalism enable us to customise our services to the needs of the client as well as to different market sectors. You need us to illuminate ways in which you can move forward, so we’ll get to know the workings of your company in depth in order to support you to do just that.
We’re proud of our success with past clients, who are happy to testify as such. Kay Ahmed, Group FC of textile giant the DMC Group, found our UK member firm Kreston Reeves to be “professional, honest and helpful”.
“Their advice is based on facts and is compliant with current regulations,” she added. “I will not hesitate to recommend Kreston Reeves to anyone for their accounting, finance and reporting needs.”[GA1]
Get in touch today and talk to us about your corporate governance needs. No matter the size of your company, we’ll be happy to help.
