Alexander Elliott

Sovereign House,
Douglas, IM1 2SD
Tel: +44 (0) 1624 623333

Our Services

Internal Audit

What is Internal Audit?

The Institute of Internal Auditors define internal auditing as:

“An independent, objective assurance and consulting activity designed to add value and improve an organisation’s operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes”.

Internal audit includes the following:

Examination and evaluation of financial and operating information – an on–going procedure, not a once a year function, looking at processes and systems, not just accounts

  • Risk assessments
  • Review of the economy, efficiency and effectiveness of operations, including non-financial controls
  • Review of compliance with external laws and regulations
  • Review of internal policies
  • Review of authorisation of transactions
  • Special investigations, including fraud

The Internal Auditor should demonstrate independence, but report to the management of the organisation – Internal Audit should be regarded as a management tool. A rolling programme can be used to examine all areas of activity over a number of years.

The duties of an Internal Auditor can be split into three separate categories:

Organisational Control:

  • Financial: Checking on the methods used for the preparing and publishing of reliable financial statements.
  • Operational: The effectiveness and efficiency of the operations. The safeguarding of resources against loss.
  • Compliance: Adherence to laws and regulations.


The process conducted by the Board to authorise, direct and oversee management towards the achievement of the Board’s objectives.

Risk Management:

The process conducted by management in order to understand and deal with uncertainties.

We can offer:

  • Value for money reviews
  • Supplier/vender operational reviews
  • Internal operational reviews
  • Due diligence reviews
  • Fraud reviews
  • A range of independent reviews of systems and operations aimed to help management to ensure that risks encountered in achieving objectives are managed by putting suitable controls in place.

Both Caroline and Dougie are Associate Members of the Institute of Internal Auditors


Features and Benefits

  • Suitable for all sizes of employer – big or small
  • Allows you to focus on your business
  • Off–site payroll system maintains confidentiality of individual pay rates
  • Multiple periods (i.e. weekly, monthly, etc)
  • Regular deductions to pay can be done via the payroll
  • Supports Pension Scheme deductions
  • Rapid processing of payroll each period
  • We generate payslips and administration reports as you require
  • Supply preformatted instructions to enable you to make payments to all major banking and payment systems
  • Includes full IOM Government Electronic T14 submission
  • Produce IOM Government forms T14, T20 and T21 ready to be submitted
  • Can assign pay costs to different departments and produce cost reporting

We can Offer

  • A review of your current methods
  • A full cost effective wages/salaries calculation system
  • Flexibility
  • Help and assistance on payroll related matters

Consultancy Services

Other core services available include:

  • Risk management including advice on the review/creation and maintenance of systems of internal control within an entity
  • Compliance Assistance with the preparation and implementation of compliance or staff handbooks as well as compliance, technical or management training
  • Training specialising in AML/PTF
  • Special projects

Please do not hesitate to contact us for more information.