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Internal Audit & Consulting

Unbiased and courageous solutions with the technical expertise. At Forsyths, we offer quality and timely external audit services to organisations of all sizes in regional NSW. With over 80 years of  combined experience we prioritise building a relationship with your business to provide a seamless, value-added audit experience.  Our expertise can deliver insights to minimise risk and improve your business. We work with you to ensure the audit process aligns with your needs and deadlines, either on site or remotely. Our certified auditors  are highly experienced and are specialists in local government, not-for-profits, clubs, schools, charities, breed societies, small to medium-sized enterprises. Our internal and external audit team's in-depth knowledge of organisational risk and operations delivers valuable insights.
Whether you prefer in-person meetings or remote work, we have the infrastructure, flexibility and expertise to meet your needs.

Internal auditing services include:

Internal Audit Outsourcing: Entrust us with a fully outsourced internal audit service that meets industry best practices.
Internal Audit Co-Sourcing: Enhance your in-house internal audit team with our expertise and objectivity.
Assurance and Process Mapping: Gain a clear understanding of risk and compliance to make informed decisions.
Internal Audit Effectiveness & Improvement: Need a fresh set of eyes over your internal audit?  Working with our team of internal audit professionals we'll provide a comprehensive evaluation of your internal audit functions to ensure you are compliant with the Institute of Internal Audit International Professional Practices Framework. By collaborating with Forsyths, you can confidently navigate a clear path to making your internal audits even more impactful for your organisation.
Remote Internal Audit Service: Using communication technology, our fully remote internal audit services deliver convenient, flexible and cost-effective internal Audit services, saving you time, money and resources . Contact us to learn more.

Fraud Reviews

Fraud can occur when opportunities arise, making it essential for businesses to implement effective preventative and detective controls to mitigate risk.

To protect your business, it is crucial to review key areas such as cash handling, payments, accounting functions, and inventory management to ensure sole access and reduce the risk of fraud. A professional review, which typically involves a series of interviews with relevant staff and consultation with business owners, management, and advisors, can help identify risk areas and develop practical solutions to mitigate them.

The consequences of fraud can be severe, with: 

• 60% of small business fraud victims not recovering any of their losses
• 56% of frauds being perpetrated by employees and management
• Over 40% of frauds occurring over a five-year period
• 80% small businesses at risk under the right circumstances

Fraud can devastate. Imagine the impact of losses up to $150,000 on your own business and to employees, and families.
Implementing effective preventative and detective controls can mitigate this risk. Talk to Forysths for an analysis of your fraud risks.

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Risk Management

Organisational Risk Management

Refers to the risk of not achieving your business goals due to internal issues such as inadequate processes, systems, or people, or due to external events like fraud, security threats, privacy breaches, legal challenges, or physical or environmental risks.

Our expert team can guide you through the entire risk management process, from creating a risk management framework to preparing specific risk registers and reviewing existing processes.

Risk Management Framework

We'll work with you to develop an organisation-wide risk management framework. This will help identify risks that could impact your business objectives,  assess the internal processes, systems, and people managing those risks to identify opportunities for improvement.
We'll help you to create a framework that includes a risk management policy and document outlining:

• The overall goal of the risk management process
• Governance's commitment to risk management and its implementation across the organisation
• Responsibilities for risk management at all levels
• Identify risks specific to your organisation
• Create a risk management policy and process including assessment, analysis, evaluation, treatment, and monitoring
• Roles and responsibilities for managing risk, including the Audit and Risk Committee and Risk Management team

Audit and Risk Committee

If you're setting up an audit and risk committee or want to evaluate its effectiveness, we can help. We'll review the committee's composition, charter, meeting setup, and responsibilities, and provide recommendations for improvement.

Governance Risk Workshops

Having a shared understanding of organisational and strategic risk is crucial for a successful risk management framework. We offer governance risk workshops to educate and engage your team.

Strategic Risk Register

Once the risk management framework is in place, we'll help you create a strategic risk register. This will identify and assess risks to the organisation and the controls in place to mitigate them.