Risk

Internal Audit

Internal Auditing is an objective assurance and consulting activity designed to add value and improve an organization’s operations. It can help an organization accomplish its strategic objectives by bringing a systematic, disciplined approach to evaluating and improving the effectiveness of risk management, control, and governance processes.

The need for a systematic and disciplined approach to evaluating and improving the effectiveness of risk management, control, and governance processes has never been as great as it is today. Risks left un-managed in an organization can ultimately result in its collapse.

Our Internal Audit services include the following:

  • Internal audit services

We undertake the outsourcing of your company’s internal audit function. Our team will visit your premises to conduct the internal audit and report to the management and the Board of Directors its findings and its recommendations in order to improve the effectiveness and efficiency of your organization.

  • Design and implementation of business processes

We can assist your company in designing and formalizing its business processes in order to ensure that adequate controls were put in place that mitigates potential risks.

  • Evaluation of the business processes

We can review the current processes and procedures of your company, analyze them and give constructive recommendations to make them more effective and efficient.

  • Risk management 

We can assist the management in setting up a risk management function or undertake the outsourcing of risk management function of your organisation. This includes the identification and measurement of risks of your company and recommendations how to mitigate them.

  • Evaluation of internal audit functions

We can evaluate your existing internal audit function and provide you with recommendations to become more effective.  The need for a focused approach to internal audit and risk management has never been as great as it is today. Risks left un-managed in an organisation can ultimately result in its demise.

 

FATCA and CRS

The initiatives over the last few years to improve global cross boarder tax compliance which include the Foreign Account Tax Compliance Act (“FATCA”), which focuses on the reporting of financial account information with respect to U.S. taxpayers, and the OECD Common Reporting Standard (CRS), a global standard for the automatic exchange of financial account information.

An entity needs to identify whether it falls under the definition of a Financial Institution for FATCA and CRS purposes, as Financial Institutions are required to comply with various due diligence, reporting and other compliance obligations arising from FATCA and CRS as well as local legislation.

Baker Tilly has a dedicated team of local experts who work closely with our global network to provide you with tailored advice and support. We can provide you with an efficient and effective solution in all aspects of FATCA and CRS, including:

  • Analysis of FATCA’s impact on your business and its operations
  • Development of an action plan for compliance with CRS and FATCA obligations
  • Assistance with the completion of CRS and FATCA relevant forms
  • Assistance with the implementation of internal FATCA required procedures
  • FATCA due diligence and reporting
  • Support on FATCA’s future requirements and developments