Sector
Internal audit for private and family-owned businesses
Practical controls, clear procedures and independent assurance that grow with your business.
The challenges
What private and family-owned businesses tell us
Growing businesses often find that controls designed for a smaller operation no longer keep up. Investors, lenders and acquirers expect evidence of good governance, and owners want confidence the business is protected.
Internal audit for a private business is not about bureaucracy. A focused review of cash, purchasing, payroll and inventory controls often pays for itself by preventing losses and makes the business easier to finance, invest in or sell.
- Growth outpacing controlsProcesses and approvals have not kept up with the size of the business.
- Reliance on key peopleKnowledge sits with a few individuals rather than in documented procedures.
- Investment or sale readinessBuyers and investors scrutinise governance, controls and documentation.
- Fraud and error riskLimited segregation of duties increases exposure to loss.
How we help
Services for private and family-owned businesses
Internal Controls Reviews
Find and fix control gaps before they cause losses.
View service →Policies, Procedures & SOPs
Documented procedures that reduce reliance on key people.
View service →Governance & Risk Management
Board structures and risk frameworks investors expect.
View service →Outsourced, Co-Sourced & Interim Internal Audit
Internal audit without building an in-house team.
View service →Where internal audit focuses
Typical audit plan areas
Every plan is built from your own risk register, but these areas come up most often in this sector.
- Cash and bank controls
- Purchasing and payments
- Payroll
- Inventory
- Approval limits and segregation of duties
- Governance and documentation for investment, lending or sale
Delegation of authority matrix: what it is and how to write one
How to write a delegation of authority matrix that works: the legal basis for delegating, what to cover, how to set limits, segregation of duties and how to keep it current.
How to set up an internal audit function: a step-by-step guide
A practical, standards-based sequence for establishing internal audit: agree the mandate, choose a resourcing model, build the audit universe, write the charter and approve the first risk-based plan.
Frequently asked questions
How often should a private company have an internal audit?
Many owner-managed businesses start with an annual review of their highest-risk areas, then build a rolling plan as they grow.
Is internal audit worthwhile for a private company?
Yes. It gives owners and boards independent assurance over controls and risks, and supports investment, lending and sale processes.
Can you help us prepare for investment or sale?
Yes. We can review governance, controls and documentation so you can answer due diligence questions with confidence.
Talk to us about your organisation
Book a free 20-minute call to discuss your priorities.