Internal audit is a key element of a company’s management processes. The main aim of internal audit is to support the management in attaining the corporate objectives by examining all parts of the business, as well as the operational processes.
The company’s management carries the responsibility for the establishment and functioning of internal audit, which is basically derived from its duties of care.
There are in principle no legal requirements for internal audit. There are exceptions, especially for banks, including cooperative savings institutions. The legal requirements are set out specifically as part of the German Minimum Requirements for Risk Management (MaRisk) of the Federal Supervisory Office for Financial Services (BaFin).
We draw up multi-year internal audit concepts for individual companies and implement those concepts according to plan. In addition, we take on project-related or case-specific internal audits.
Focal points of internal audit are
- Risk management system (internal control system, controlling and early detection)
- Corruption prevention
- Commercial area (e.g. cash and voucher audits, dunning and litigation, payroll transactions)
- Housing industry area (e.g. capturing of operating costs and billing, rent pricing)
- Technical area (handling of construction projects, e.g. tendering and contract awards, management of construction files)
- Savings institutions in line with the Minimum Requirements for Risk Management (MaRisk) of the Federal Supervisory Office for Financial Services (BaFin)
- Business segment profitability (e.g. municipal enterprises), and
- Other project-specific internal audits (e.g. construction project and site audits)