Risk Base Internal Audit Services

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Navigate Risk with Strategic Internal Auditing

Is your company's internal audit team facing difficulty in combating audit fatigue? Are your audit procedures dragging for a month, not aligning with the stipulated time? Don't worry choosing the right risk base internal audit services will help you and your company to get the right approach to promote a comprehensive customer experience. Our organization, enterslice, is an esteemed consultancy company providing end-to-end services to various clients, from a company to start-up organizations, helping such organizations to ensure their risk base internal audit is meeting the requirements of their business operations and various other services. A company, through a risk base internal audit, can ensure strong corporate governance to mitigate and prevent various potential risks in this unpredictable business environment. If you haven't adopted a risk base internal audit approach, now is the ideal time to discover the befits of appointing enterslice as your risk base internal audit service provider.

With the growing amount of pressure on organizations, it is indeed difficult to detect and manage multiple business risks; thus, having effective risk base internal audit services is the best way an organization can prevent and combat undesirable effects and leverage opportunities for improvement of the same. The highest responsibility to tackle and fight against such potential risks is in the hands of the upper management team of the respective company. Risk base internal audit plays an integral role in assuring that such risks are handled seamlessly. Our professional team will help the company combat such potential risks by creating a robust risk management framework. Moreover, we also assist companies in performing risk base internal audits by using both risk assessment and internal auditing procedures.

How You Can Enhance the Customer Experience

Unlike traditional internal auditing, where auditing is completed within a stipulated time frame and may not necessarily cover the important risks, risk-based internal is driven by the most recent risk evaluation, where the internal auditor is driven by auditing the top threats are covered first and far more frequently. A company, through risk base internal audit services by an enterslice, can enhance the customer experience by preventing the risk beforehand, building confidence and trust among the customers.

Enterslice expert professionals will guide a company's risk base internal audit approach to enhance the organization's method of responding to potential risks promptly and acquire insights from the organization's operational business policies to help solve such problems regularly. Risk base internal audits are evaluations that are always in the mind of the upper management of an organization. If you are seeking risk base internal audit services, our expert professionals are at your doorstep to tackle this biggest problem of evaluating the internal operation of an organization. This risk base internal audit is rooted in a plan based on risk management practices, ensuring flexibility in designing the procedure of an internal audit and its activities rather than a traditional method of prescribing specific requirements and scopes.

Company Can Benefit from an Enterslice Risk-based Audit

As we now know, risk base internal audit services are an important element for an organization seeking to improve its risk management practices. Here are the key benefits of an Enterslice risk base internal audit

Effective Risk Management

Our professionals have gained extensive knowledge and experience in risk base internal audit services. Serving for the last decade to various companies, providing the best customer experience by meeting all their requirements, has established a name in the field of risk base internal audit services along with various other services. We shall assist the company in detecting potential risks and improving the overall efficiency of the company's operations.

Moreover, this approach to effective risk management helps organizations combat potential risks and reduces the likelihood of financial loss and reputational damage.

Internal Control Improvement

We shall help the company assess and evaluate the effectiveness of internal control through a risk base internal audit. A company, by detecting and identifying the business policies and operations weaknesses, can plan a strategy and execute it to strengthen the respective organization's internal control system and thus prevent the possibility of fraud or errors.

Enhanced Stakeholder Confidence

A company, through enterslice professionals in risk base internal audit, creates confidence in the risk management practices of an organization, enhancing the company’s reputation in the market and attracting investors and customers.

Better Decision Making

Along with the help of a risk base internal audit, the company's upper management team can make reliable decisions within a time frame on the potential risks and vulnerabilities of an organization.

Fundamentals of Risk base internal audit

Risk base internal auditing consists of several fundamental principles. It helps the company's upper management and stakeholders understand that internal risk management controls are sufficient enough to achieve the goals and objectives of an organization. Risk base internal audit services involve the identification of risk, assessment, response, remediation, etc.

A company, by implementing risk base internal audit into the framework of audit, can move beyond mere compliance, ensuring that the company management team makes informed decisions with overall resilience.

Steps You Should Know on Risk base internal audit

For any effective risk base internal audit, the organization shall ensure that the internal auditors have a deep understanding of the business operations, goals, objectives, etc. framework of the respective company. This is important because the audit has to focus on evaluating the critical aspect of the company’s internal control. Therefore, our team of experts works closely with the company’s management team to meet the business goals and risks. Here given below are the important points that an auditor and management have to keep in mind while performing risk base internal audit service


  • Detection and examination of potential risks that are hampering the goals and objectives of an organization.
  • An approved potential risk appetite, ensuring that such risks are seamlessly detected as being below or above.
  • Improvement of an organization's internal control system to minimize the threats to below the risk appetite.
  • Ensuring that the list of potential risks is reported and recorded at the same time so that such risk is evaluated.
  • An auditor shall also assist the company in defining the responsibility among the management team for ensuring assurance and a strategic risk management framework.

Enterslice Types of Approach on Risk base internal audit

With the constant evolution of the economy and various changes in the approaches to illegal activities, this risk base internal audit has also evolved accordingly to detect and identify the potential risks posed to industries. Earlier, the traditional method of risk base internal audit involved a systematic examination of a financial record, whereas the modern approach involved incorporating risk assessment, control evaluation, and forward-looking perspectives. Here are the approaches on how enterslice professionals assist risk base internal audit of companies

Top-Down Approach

This an approach where a team of enterslice will collaborate with the company’s upper management to review and understand the structure, objectives, and significant risk attached to the organization's business operations. However, this top-down approach evaluates the high-level strategic company's goal, ensuring that it aligns with the mission and vision of a company.

Bottom-Up Approach

According to the bottom-up approach, our team will evaluate the individual business units or departments by assessing the level of risks involved in the operations and, thus, accordingly, examine the potential risk involved with an organization.

Risk Control Self-Assessment

Through this risk control self-assessment, we shall ensure that both stakeholders and employees evaluate certain risks involved within their responsibilities. Moreover, this risk base internal audit encourages both employees and stakeholders to understand the various levels of risk, thus helping to promote awareness of the risk culture throughout the company.

Continuous Auditing

A company can also, through a risk base internal audit, ensure continuous auditing by tracing and monitoring the potential risk involved in the business operations. Our team shall use updated software to regularly track the operations and thus report the same on various risk factors.

Traditional Approach

This traditional approach to risk base internal audit is based on evaluating by collecting historical financial data and its operational procedures. With the changing landscape, this method is not dynamic enough to determine the potential risks, unlike modern approaches.

Probabilistic Approach

Our team of professionals used this approach by using a model based on statistics and probability to prioritize and quantify the risks, thus helping the company make quantitative decisions.

Risk Analysis Approach

In this risk base internal audit, the enterslice team will assist the company in evaluating the internal control of the company by using tools like qualitative and quantitative to understand the nature and types of various potential risks and thus facilitating the organizations to make an informed decision.

Event Driven Audits

With the constant evolution of the economy and businesses, there are indeed significant changes with the various laws and regulations; thus, our team is equipped with constant updates with such laws and regulations, ensuring organizations that they are not compelled to lack behind any regulation changes, preventing from any legal liabilities and penalties. Such event-driven audits ensure that such risk base internal audit is responsive to emerging risks and challenges.

Our Internal Audit Services

At Enterslice, we deliver world-class, risk base internal audit services, helping companies and professionals assess the internal control of their business operations. Our team ensures that a company increases its efficiency by implementing a technology-driven method to get insights into the company’s internal business operations to meet the constantly evolving legal frameworks. Here are the kinds of services Enterslice provides under the risk base internal audit

Technology Audit

We shall assist the company in understanding and evaluating its technology risks and how they are addressing and preventing such potential risks. Our team has a deep understanding and expertise in technology-driven audits, applying the best practices to protect and enhance business operations and its reputation.

Audit Transformation

We help the company transform its audit procedures with the changing legal regulations by preparing plans and priorities along with advice on various leading practices and strategies to achieve successful outcomes aligned with the regulation changes.

Audit Innovation

As we know, the economy is changing rapidly, and it is indeed required for a company to transform its strategy for thinking and operating. We at Enterslice help companies create a creative mindset to strive for rapid changes by exploring and adopting various contemporary methods, skills, and tools aligning with the company's business goals.

Controls Advisory

We help the company design, implement, and operate control programs that meet the needs and support of the external and internal stakeholders while maintaining the right balance between efficiency and control. Our professional experts in risk base internal audits ensure that organizations meet the requirements, specific contexts, and objectives of the business.

Fraud Risk Management

Our team of experts in risk base internal auditing will help you and your company build a cohesive infrastructure for examining, mitigating, and monitoring various potential risks and fraudulent activities within business operations. With the advancement of technology, upper management and shareholders seek agile and effective fraud detectors to safeguard the organization's assets and reputation in the market.

We help companies architect fraud control policies, risk assessment methods, and various other training and awareness programs. Moreover, our team of experts used analytical tools and techniques to determine and identify the red flags or potential risks before they damage the reputation of an organization in the market.

Why Choose Enterslice for Your Internal Audit Service

For any organization to stand out in this competitive market scenario, an effective risk base internal audit service brings a positive yet comprehensive contribution to the company’s management of risk and smooth functioning of the business operations.

Enterslice professionals are experienced in providing end-to-end services to various companies by working closely with their management teams and departments, understanding the strategy and functions of the business operations. Your company and stakeholders will benefit from the help of our professional experts in risk base internal audits by evaluating and reviewing the effectiveness of the business operations' internal control.

If a company determines any areas for improvement within the business operations, our team of professionals in internal audit will assist you and your company in planning strategic solutions to overcome and achieve such gaps. Common services offered by Enterslice under the internal audit are

  • Advice and guidance to the organization's management team to enhance the functions of the internal controls for smooth business operations.
  • Assisting the company in implementing an internal control that is both effective and secure for the company’s internal control environment.
  • Help the company manage and address core business operational risks whenever they pop up, ensuring that the company does not face reputational damage and loss.
  • Assisting that the company’s risk performance strategies are meeting the operational strategies at the same time.
  • Assisting organizations in meeting regulation changes by conducting programs on various training and awareness for the employees and staff, ensuring a company has an effective updated practice to mitigate potential risk.
  • We shall also assist the organizations in examining the key structures and procedures for implementing effective corporate governance.

Frequently Asked Questions

Risk base internal audit is nothing but a method to evaluate the inherent internal risk of a company that is managed by the internal management team of a company within a defined risk appetite level.

The most common types of risk-based audits are the traditional approach, probabilistic approach, risk analysis, risk appetite, etc.

Traditional internal audits are those audits whose objective is to evaluate the compliance and regulation framework of the company; mostly, these audits focus on financial controls and operational procedures. At the same time, risk base internal audits are driven by the objective of detecting the potential risk involved in the internal control system of the company and its risk management operations.

The most common types of audit risk are detection risks, control risks, and inherent risks. It is the responsibility of the auditors to avoid such mistakes.

The most common criteria for risk-based audits are identification of risk, assessment of risk, materiality, control assessments, audit planning, etc.

The three phases of risk-based audit services are the risk assessment phase, such as risk identification, analysis, and understanding internal control risk management, and the audit planning phase, such as defining audit objectives, identifying audit scope, developing an audit plan, and lastly, reporting of audit and its execution.

The 3 components of audit risk are control risk, detection risk, and Inherent risk.

The 5 internal controls of COSCO are control environment, risk assessment, information and communication, monitoring activities, and existing control activities.

The company’s board of directors has the authority to appoint an auditor for the company.

An audit risk model is a kind of tool that is commonly used by auditors to assess and evaluate the potential risks the respective company's business operations are facing. However, this tool assists the auditor in deciding the type of evidence and management required to stay relevant in the market.

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