Enhancing Asset Protection Procedures Efficiency

Reducing the costs resulting from theft and embezzlement and related to loss, negligence and failure to perform the work properly

Work steps

Evaluation of the efficiency of internal control procedures and the extent of their application.
Evaluate the performance of the internal audit department.

(1) Evaluate the efficiency of internal control procedures and the extent of their application, through:

(a) Counting outputs and activities to management through the organizational structure.
(B) Counting of work procedures and documents (document flow) for each activity.
(c) Evaluating the strength of the action procedure as a control measure in preserving assets and proposing modifications to weak procedures.
(d) Measuring the extent to which strong control measures are in place through an on-site examination.

(2) Evaluate the performance of the internal audit department in terms of:

(a) The extent of the independence of the audit department.
(b) Availability of an annual risk-based plan.
(c) The availability of the audit program and the audit report for each part of the annual plan.
(d) The extent of the efficiency of the audit procedures in the audit programs