As the external environment continues to change, the need of Internal Audit functions has never been greater. Organizations face evolving strategic, reputational, operational, financial, regulatory, and cyber risks. Dealing with often times uncertain market environment, continuous innovation and rapid technological change, it is no question that Internal audit functions should play a leading role to have successful operation.
Meanwhile the challenges Internal Audit functions faces are also significant. The world is entering the fourth industrial revolution where new technologies, digitalization, robotics, and artificial intelligence are dramatically changing the business landscape, as such Internal Audit functions have no choice but to innovate, and reinvent themselves.
With our team of internal audit professionals we are dedicated to help your internal audit function to achieve its best performance. Your success is always our top priority.
Internal Audit Quality Assessment
The International Standards for the Professional Practice of Internal Auditing requires that an external quality assessment (QA) of an internal audit activity must be conduct-ed at least once every five years by a qualified, independent assessor or assessment team from outside the organization. We have the skills and experience and a proven methodology to carry out a robust review of your internal audit function and assist in the implementation of improvement recommendations.
Beyond the mandatory QA review we can assist you with an Internal Audit Maturity Assessments, where we not only compare your practice with the IIA mandatory standards, but evaluate the maturity of your Internal Audit function considering industry best practices.
Internal audit operates in a rapidly changing environment: increased regulatory pressure; compliance with local laws and global guidelines; the challenging economic climate; rapid technological changes, to name but a few. The need for specialist skills has never been greater.
The key to successfully using specialists is flexibility. You may simply want advice in developing your annual internal audit plan or in developing a detailed programme of work. Alternatively, you may want to have our specialists plan, execute the field work, produce the final report and sit alongside you at the audit committee. We can support you with any or all of the above.
Flexible Resource Models
Increasingly, internal audit functions are using flexible staffing models or external suppliers to meet their resourcing needs; today close to 75% of organizations co- or outsource the delivery of at least part of their internal audit plan.
|Secondment/ Loan staff||Co-sourcing||Outsourcing|
Internal audit functions must be ready to evolve if they are to continue to meet the needs of your business. We can help you sharpen your edge and focus on what really matters.
From exploring cost-effective delivery approaches such as off-shoring and lean thinking, to identifying opportunities to leverage technologies such as risk assessment facilitation software, we can help you cover the basics, while meeting the needs of tomorrow, today.
A good example of helping sharpen your edge is for us to support you in the audit planning cycle, keeping you up-to-date with current hot topics and how to audit them. Tools such as our vendor management maturity model and cyber security control continuum can be deployed, by you, to frame your approach. Similarly we could assist you in deploying practical data analysis techniques.