February 09, 2023 / Papanastasiou Pantelis

Internal Audit Services

Internal control

The official definition of internal auditing is given by the Institute of Internal Auditors : Internal auditing is an independent, objective assurance and advisory activity designed to add value and improve the operations of an organization.

📌Where does Internal Audit aim?

Internal control aims to ensure that each organization/business achieves its goals, in terms of operational effectiveness and efficiency, compliance with regulations, policies and laws, as well as the organization's financial reporting.

Internal control is a process where, through audits and the provision of consulting services, it aims to achieve the objectives of the organization/business.

The management of risks, corporate governance and internal control systems is done by adopting a systematic professional approach according to the signed contract.

The detection and prevention of any fraud, mistakes, inefficiency and organizational weakness, in order to protect the resources of a company, is a primary objective of internal control.


🎯The internal control system is essentially a set of policies and procedures aimed at safeguarding the assets of each company or organization and safeguarding the interests of its shareholders. It aims to effectively deal with the risks that threaten it and not necessarily to eliminate them.


Other goals:

  • Through the internal control to ensure the established by the management of each company/organization.
  • Meaning both their implementation by the individual departments but also the goals and policies that are set or are in place.
  • To assess the internal organization and the tasks performed.
  •  To evaluate the accounting data in order to ensure their reliability.       


An internal audit checklist could be:                                                                                                                                           ✔The compliance with the standards                                                                                              ✔The evaluation of the information systems                                                                                    ✔The correctness of the financial statements                                                                             ✔The management and the results



📌Types of internal controls

Financial Controls:

Which are based on the investigation of the reliability and efficiency of the system software, the guarantee of the legality of the financial statements and whether they have been drawn up and performed in accordance with generally accepted accounting principles.

Administrative Controls:

They relate to the administrative efficiency of the economic unit.

Functional Controls:

It is the implementation and operation controls of the procedures to achieve the goals set by the management.

Efficiency checks:

The degree of achievement of financial results, degree of achievement of annual goals, degree of achievement of sales, cost cutting, relation of actual results to budgeted ones.

Compliance Checks:

The implementation of the rules and operating conditions that have been set in the company / organization.

(https://eclass.upatras.gr/modules/document/file.php/BMA650/%CE%9C%CE%95%CE%98%CE%9F%CE%94%CE%9F%CE%9B%CE%9F%CE%93%CE%99%CE%91%20%CE%95%CE%A3%CE%A9%CE%A4%CE%95%CE%A1%CE%99%CE%9A%CE%9F%CE%A5%20%CE%95%CE%9B%CE%95%CE%93%CE%A7%CE%9F%CE%A5.pdf )

🎯How does internal control help the company:

By redesigning any process that is deemed in need of change, the operating costs of a part of the business can be reduced.

By providing valuable advice based on experience where best practices emerge with the aim of the most dynamic way to address the needs of the modern economy.

By regulating and improving relationships and transactions with third parties.

By reviewing and confirming that the company's investments will have the intended return.

And last but no least, about ensuring the "good image" of the company itself.


🎯 Our company's approach, having gained enough experience in recent years implementing and implementing corresponding projects, is based on the best practices followed by modern Organizations in Greece and abroad.

1/ Drafting of Internal Operating Regulations & Organization Chart.

2/  Record policy and procedures in all departments of the company or organization.

3/ Evaluation of structures, organizational needs and preparation of job outlines by recording the existing situation and based on the needs of the company .

4/ Periodic Internal Audits in all business cycles of the company or organization (sales, supplies, warehouse, information systems, human resources).

5/ Ensuring the way the company operates and optimizing its goals.

6/ Organization of a Corporate Governance framework and compliance control based on the principles of Corporate Governance.

7/ Formation of an appropriate culture of identification and management of business risks.