Internal Audit & Advisory Services
Unprecedented levels of regulation and market expectation are driving audit committees to place increasing reliance on internal audit functions to deliver high quality assurance over controls in place to manage current and emerging risks across financial, operational, regulatory compliance processes and major projects.
In order to meet these increased expectations, internal audit functions need a full complement of skilled and experienced staff, effectively focused to provide value added assurance for the effectiveness of controls in place to manage areas of greatest risk and to effect and enable change in the business without sacrificing its independence.
We offer the following options to cater to our clients specific needs:
Establishing an internal audit function
This service line offers various levels of assistance - with variable durations - in establishing internal audit department, staff acquisition, developing internal audit policy and procedures, developing an internal audit methodology, internal auditor trainings and other services that help to develop an efficient and effective internal audit function.
Our aim is to ensure that business risk focused controls are in place without sacrificing valuable management time. With this service line we guarantee establishment of audit criteria, development of internal audit tool and techniques, development of internal auditor specialties, monitoring of internal audit functions, and establishment of reporting standards.
Quality Assessment Reviews
Today, more than ever, the importance of the internal audit function is acknowledged. Pressure to provide value is heightened. With that said, how well does our clients internal audit function measure up against industry best practices, stakeholder expectations, and internal policies, procedures and standards? Are clients compliant with the latest IIA guidelines and recommendations?
We help clients measure the quality of their internal audit function to ensure and sustain its value to the organization. Using proven methodology and a customized approach, we assess the department's structure, technology use, methodologies, people, approach and performance relative to plans, policies and procedures relative to professional standards, best practices and the needs of its customers. The results, which are communicated to management and/or the audit committee, act as a catalyst for change, resulting in greater assurance and enhanced client satisfaction.
Risk Assessment & Development of an IA plan
Enterprise risks are increasing exponentially while the ability to manage these risks is not keeping pace. Increasingly, companies are looking to risk assessment as a way to identify and assess risks either across the organization as a whole or within specific aspects of the business. For internal audit departments, risk assessment is a key element in the development of the annual risk-based internal audit plan. The identification, prioritization and sourcing of key organizational risks is critical to ensuring that internal audit resources are allocated to the areas that matter most.
Internal Audit Outsourcing
We can manage the internal audit function for our clients. We facilitate the risk assessment and assurance planning process as well as execute audits against the assurance plan using highly skilled internal auditors with relevant industry knowledge.
Internal Audit Co-sourcing
We can provide skilled and experienced resources to our clients in-house internal audit team and support them in quality assuring on the work performed in delivering specific projects. For example, where the area under review requires specialist skills in areas such as fraud, supply chain, treasury, tax or where the project needs to be delivered in international locations.
We can provide internal audit team members on a loaned staff basis to support specific projects within our clients assurance plan. This service offers them the ability to access specialists skills without having to employ staff full time.
Information Technology Audit
The role of the Internal Audit department has expanded, both in scope and the requirement to deliver tangible value to the business. The IT Audit environment is growing more complex by the day. Rapidly changing technologies, increasing demand for the IT services among business units, and the continual expansion of the "extended enterprise" all translate into greater IT risks for most organizations. The IT Audit and Compliance functions are tasked with keeping tabs on these risks. Deloitte has the breadth of resources, skills and experience to meet the most fundamental IT Audit requirements including:
- IT governance
- Technology change management
- Application, database and infrastructure audits
- Business Continuity Management
- Network and systems management
- Regulatory compliance e.g. MiFID, Basel ?, PCI/DSS, etc.