We support to correctly determine your company’s internal and external risks, identify areas for improvement, formulate and implement an effective internal control system.
Our consultants advise you how to develop reporting systems capabilities that will significantly increase your management’s ability for timely and effective decision-making.
In order to guarantee realisation company management objectives, it is imperative an adequate and effective internal audit is carried out.
A strong internal control structure ensures;
- Smooth running of the control mechanisms,
- Helps manage the financial and operational risks
- Eliminates fraud,
- Prevents losses of income and expenses occuring
- Contributes to increase the company’s productivity and competitiveness.
With hindsight of the developments in the 21st century, in order to achive success in management, taking a proactive approach in managing the company’s internal audit has proven to be mandatory.
Here at Yordam, we provide comprehensive and customised solutions for your company’s internal audit needs.
For your company, we can;
- Set up an internal audit function based on international standards.
- Compare your existing internal audit function with best practices.
- Operate your entire internal audit function for you.
Risk Assesment and Internal Control Systems
Today, one of the greatest threats that companies face arises from an inability to manage risk.
When internal or external risks are evaluated incorrectly, they cause companies to suffer both financial and physiological losses.
To effectively manage risk; the priority should be placed on identifying what these risks are, the areas that can be improved and forming an effective internal controls mechanism.
With the existence of an effective internal control system, ensures that the risk is minimized, enables your company to reach important goals, reliability of financial reporting and compliance to predetermined policy and legal regulations.
Appetite for risk varies between company and industry.
Therefore, determining risks in existing business processes and development of internal control systems solutions need to be designed specifically for each company.
With Yordam’s our multi-industry competent and experienced team, we offer an outstanding service in areas of identification of risks and formulation of an effective internal control system, which will make a difference to your needs and provide added value to your company.
As the business world is becoming more complex with every passing year, new regulations make it necessary for companies to become more transparent.
Management’s ability for timely and effective decision-making is directly related to the quality of information made available to them. Correct and reliable data which is presented in a simple and understandable way.
Your company management which sets the correct reporting standards will be one step ahead, capable to come up with new strategies against possible anomalies on their way.
At Yordam, we offer services that help identify your needs and develop your management reports that are designed with you specificly in mind.
International Financial Reporting Standards (IFRS and USGAAP)
Globalisation has led the concept of ‘local market’ to lose its meaning. To take their place in the world market, firms are required to prepare standardised financial statements. Consequently, Turkish Accounting Standards Board (TASB) in 2005 adopted the world over recognized International Financial Reporting Standards (IFRS) and translated IFRS into Turkish and so The Turkish Financial Reporting Standards (TFRS) was introduced.
In this respect, some of the biggest changes the new Turkish Commercial Code (TCC) have been brought in the areas of trade books and financial reporting with many companies are required to adopt when operating in Turkey. It is expected it will be fully implemented in the coming years.
Here at Yordam, we offer tailor made services for your company’s compliance with the International Financial Reporting Standards.