Internal Audit Services in Malta

The Institute of Internal Auditors (IIA) defines Internal Audit as a dynamic profession involved in helping organisations achieve their objectives. It is concerned with evaluating and improving the effectiveness of risk management in an organisation.

At CT Audit, we perform internal audit services in Malta to provide reasonable assurance to the executive management on the adequacy and effectiveness of the internal control. We focus on areas such as revenue recognition, cash, payroll and so on.

We work with due professional care in accordance with the Code of Ethics and International Standards for the Professional Practice of Internal Auditing issued by the Institute of Internal Auditors (IIA) and related global best practices.

In line with our professional experiences and internal audit approach, through our methodologies and risk-based planning, we adopt a pro-active function that actively participates with management towards Company’s goals in a controlled manner.

We do not stop at problem finding but we assume a participative way and problem-solving function.

Our team consists of qualified accountants and auditors with different background, experiences in anything linked to internal audit services in Malta.

Why do you need internal Audit?

The basic driver for the establishment of an Internal Audit function is the need to have independent and objective assurance that there are efficient and effective internal controls in place to ensure the attainment of company objectives.

Hence, better coverage, together with business continuity of the function.

An internal audit function can be in-house or outsourced. An outsourced function is being recommended for various reasons, including;

  • Cost-effectiveness

  • Scalability

  • Tailor-made approach

  • Expertise in different areas

  • Multi-disciplinarian team

Is internal audit the same as external audit?

No, there are significant differences between external audit and internal audit.

External audit focus on finance and is designed to ensure that both past financial performance and current financial position are ‘true and fair’. External audit also helps ensure that financial documents are prepared in accordance with relevant legislation.

Internal audit, on the other hand has a wide-reaching brief which considers anything that might be important to an organisation’s success.