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Internal Audit
Service & Health Check

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What is Internal Audit and Health Check?

***Internal Audit*** is an independent assessment of an organization’s operations, controls, and compliance to improve efficiency and risk management.

***Health Check*** is a comprehensive evaluation of an organization’s overall health, including financial, operational, and strategic aspects, to identify areas needing improvement.

Our Health Check Procedure

  1. Scope definition.
  2. Data collection.
  3. Analysis for weaknesses
  4. Recommendations.
  5. Reporting to stakeholders.
  6. Action plan creation.
  7. Continuous monitoring.
  8. Documentation and follow-up.

Why Do Australian Businesses Need to get Audit Service?

Australian businesses benefit from internal audit services to ensure efficient operations, compliance with regulations, and risk mitigation. Internal audits enhance financial transparency, detect fraud, and provide management with valuable insights for improvement. Health check services, on the other hand, offer a holistic evaluation of an organization’s overall health, addressing financial, operational, and strategic aspects. This helps businesses identify weaknesses, optimize performance, and adapt to changing market conditions. Both services are essential for sustaining long-term success, maintaining stakeholder trust, and ensuring compliance with evolving regulatory requirements in Australia’s competitive business landscape.


Audit & Health Check Requirements

The specific requirements for audits and health checks can vary depending on factors such as the industry, size of the organization, regulatory environment, and individual circumstances. However, here’s a general overview of what these requirements typically entail:


Audit Requirements:

  1. Legal and Regulatory Obligations: Many businesses are required by law or industry regulations to conduct audits. These requirements can vary widely based on factors like company size, type, and location. For example, publicly traded companies often have mandatory financial audit requirements.
  2. Financial Reporting Standards: Compliance with financial reporting standards, such as Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS), often necessitates audits to ensure the accuracy and reliability of financial statements.
  3. Stakeholder Agreements: Shareholder agreements, loan covenants, and contractual obligations may stipulate the need for audits as part of compliance with these agreements.
  4. Tax Regulations: Tax authorities may require audits for tax assessment and compliance purposes, especially for larger businesses or those with complex financial structures.
  5. Industry Regulations: Certain industries, like banking, healthcare, and insurance, have specific regulatory requirements that mandate audits to ensure compliance with industry-specific standards.
  6. Investor Expectations: Public perception and investor confidence often drive voluntary audits, as businesses seek to demonstrate transparency and attract investment.


Health Check Requirements:

  1. Strategic Planning: Health checks are valuable for organizations to assess whether they are aligning their operations and strategies effectively to meet their objectives.
  2. Risk Assessment: A health check helps identify potential weaknesses, threats, and risks in various aspects of the organization, from financial health to operational efficiency.
  3. Operational Efficiency: It evaluates the efficiency of internal processes and identifies areas where improvements can lead to cost savings and enhanced productivity.
  4. Financial Health: Health checks assess the financial stability and sustainability of the organization, providing insights into cash flow, profitability, and financial risk.
  5. Compliance and Governance: The evaluation includes a review of compliance with legal and regulatory requirements, as well as adherence to good corporate governance practices.
  6. Market Positioning: Organizations need to understand their competitive position, market trends, and customer satisfaction, which can be part of a health check.
  7. Strategic Decision-Making: A health check provides data and analysis that supports informed decision-making and helps organizations adapt to changing market conditions.
  8. Organizational Culture: Assessing the organization’s culture, employee morale, and alignment with the company’s mission can be part of a health check.


Both audits and health checks serve different purposes, with audits primarily focused on financial reporting and compliance, while health checks provide a broader evaluation of an organization’s overall health and performance. The specific requirements for each depend on the organization’s goals, industry, and regulatory environment.