Audit Services
Internal Audit
As a provider of internal audit services, we utilize continually updated functional checklists, CAAT, data analytics and secure data rooms to manage and advise client on key risks areas, revenue leakages, and control lapses.
At SPc we perform
ERP Centric (Paperless) + Data-Driven (Min. Samples) + Risk & Controls Matrix + Functional Scorecard Based Internal Audit
ERP Centric (Paperless)
+
Data-Driven (Min. Samples)
+
Risk & Controls Matrix
+
Functional Scorecard
Based Internal Audit
Our Approach
Our approach enhances business process optimization, enables data-driven decision-making, and strengthen the overall control environment within the organization.
Classification
Validation
Evaluation & Draft Plan
Using the RM Framework as reference
Approved by the Audit Committee
Key Service Areas
Risk Management Audit
Treasury & Cash Management
Compliance & Regulatory Audit
Operation Audit
Human Resources & Payroll Audit
Wealth & Asset Management
Internal Control Audit
Product and Service Audit
Statutory Audit
We provide Accounting, Assurance, and Consultancy for medium to large businesses including public and private sector banks, insurance firms, and listed companies.
With a panel of experts and retired professionals, we offer end-to-end solutions in Banking, Company Law, IFRS Convergence, Transfer Pricing, and Risk & Transaction Advisory.
Our Approach
We use a risk-based approach to understand the client’s organization, its environment, and its industry. The audit team preliminarily identifies the areas where the risk of material misstatements if any in the financial statements exists.
Planning
Control Evaluation
Substantive Testing
Completion
Typical Outcomes with SPC Engagement
Our risk-based statutory audit goes beyond compliance—it’s about ensuring financial integrity, strengthening controls, and safeguarding risks. Here’s what you can expect from our engagement:
Prioritizing What Matters Most
We focus on key risk areas in financial reporting to enhance accuracy and transparency.
Ensuring Regulatory Compliance
Our audits align with applicable financial reporting frameworks, keeping you ahead of evolving regulations.
Strengthening Internal Controls
We provide assurance on the design and effectiveness of internal controls, reducing financial vulnerabilities.
Driving Accountability & Continuous Improvement
We monitor compliance with agreed recommendations, ensuring sustainable financial governance.
Fraud Prevention & Risk Mitigation
With proactive detection mechanisms, we help safeguard your organisation against financial fraud and misstatements.
Concurrent Audit
The concurrent audit system in commercial bank aims at shortening the interval between a transaction and its independent examination. It is, therefore, integral to the establishment of sound internal accounting functions and effective controls and is regarded as part of a bank’s early warning system to ensure timely detection of serious errors and irregularities, which also helps in averting fraudulent transactions and preventive vigilance in banks.
At SPC, we perform
ERP Centric (Paperless) + Data-Driven (Min. Samples) + Risk & Controls Matrix + Functional Scorecard Based Credit Audit
ERP Centric (Paperless)
+
Data-Driven (Min. Samples)
+
Risk & Controls Matrix
+
Functional Scorecard
Based Credit Audit
What you get
Increased & Sharper Coverage
Periodic Monitoring
Fraud Detection
Advanced Analytics
Quality Assurance
Bank Credit Expertise
Information Security Audit
Our insights and experience gained through continuous involvement in IT governance projects and IT certification and attestation services enable us to assist you in project management of major IT changes, as we have seen that it is often of utmost importance to find and implement solutions for issues encountered in daily operations. especially concerning cybersecurity and data protection.
Our Service Offerings
We have Certified ethical hackers, CISAs, CISSPs and specialized team members to conduct in depth technology and security assessment to cover IS setup. We provide comprehensive assessment reports and recommendations to our clients.
Vulnerability Assessment & Penetration Testing
Application Security Reviews
Substantive Testing
Software Compliance Review
IT General Controls Reviews
Network Architecture Design Reviews
Third Party Risk Management
To ensure sound and responsive risk management practices for effective oversight, due diligence and management of risks, Third-party risk management (TPVRM) shall be done which focuses on identifying and reducing risks relating to the use of third parties.
Our Workflow
TPRM programme is an ongoing and continuous process. It is driven by constant programme uplifts, process optimizations and innovations. Not all third-party relationships present the same level of risk. Therefore, a bank must adjust and update its third-party risk management practices to commensurate with its size, complexity and risk profile of third party.
Strategy Oversight
- Applicable laws & standards
- IT Outsourcing Policies & SOPs
- Global best practices & central governance oversigh
Data-Driven Risk Evaluation
- Public Databases
- Third-Party Provided Data
- Internal Transactional Data from CRMs & ERPs
Third-Party Lifecycle Management
- Third-Party Evaluation: Assessing the financial health, compliance history, and reputation of vendors.
- Selection & Onboarding: Ensuring alignment with business objectives and risk appetite.
- Contractual Agreements: Clearly defining SLA requirements, cybersecurity controls, and regulatory compliance.
- Ongoing Monitoring & Risk Control: Proactive tracking of performance, compliance, and security risks.
- Exit Strategy: A structured disengagement process to mitigate residual risks and ensure business continuity
Comprehensive Risk Review Areas
- Financial Solvency & Contractual Risk Compliance
- Cybersecurity & Privacy Review
- Incident Response & SLA Adherence
- Regulatory & Integrity Compliance
- Operational Uptime & Workforce Practices
Audit & Risk Assessment
- Internal Audits- Conducted by the reporting entity’s internal risk team.
- External Audits- Independent audits to ensure an unbiased risk assessment
Review Methods: Self-assessment, desk research, on-site & off-site inspections, and hybrid evaluations.
Continuous Monitoring & Reporting
- Senior Management & Board-Level Reporting- Real-time insights into vendor risks and compliance status.
- Key Performance Indicators (KPIs)- Tracking vendor performance and risk exposure.
- Automated Risk Tracking Tools- Dashboards, workflows, audit trails, and risk assessments for continuous compliance monitoring.
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