Internal controls are the mechanisms, rules, and procedures implemented by a company to ensure the integrity of financial and accounting information, promote accountability and prevent fraud.
Besides complying with laws and regulations, and preventing employees from stealing assets or committing fraud, internal controls can help improve operational efficiency by improving the accuracy and timeliness of financial reporting.
The role of internal audit is to provide independent assurance that an organisation's risk management, governance, and internal control processes are operating effectively.
Internal audits play a critical role in a company’s internal controls and corporate governance, now that the Sarbanes-Oxley Act of 2002 has made managers legally responsible for the accuracy of its financial statements.

Business Managers must therefore ensure the effectiveness of the following:

• enterprise risk management (structure, risk identification, monitoring, reporting, optimizing)
• regulatory compliance
• contract compliance
• corporate governance
• continuous auditing/monitoring
• integrated assurance

The internal audit function and risk and controls management are often at the forefront in dealing with these matters. Their effectiveness and efficiency can have a major influence on corporate performance and business outcomes.
Thomas Oyewumi & Co deploys multidisciplinary teams of experienced professionals either to execute or works with management in developing quality internal audit function that delivers strategic business assurance, identifies business opportunities, and enhances organizational value.

Our Value-Added services include:

• developing Audit and Internal manuals
• evaluating internal audit functions
• provision of outsourcing services
• deploying continuous auditing/monitoring techniques
• designing, executing and advising on the use of enterprise risk management
• driving Sarbanes-Oxley and equivalent regulations compliance
• rationalizing monitoring functions and governance practices
• enhancing recoveries and compliance with contracts

Our Value-Added services deliver consistent, cost-effective, and high-quality information, contacts, and business opportunities to our clients.