Internal Audit

Our internal audit function provides integrated solutions to meet our clients' needs. Including:

• Advising and assisting in the establishment of an in-house internal audit function in line with 'best practice'
• Joint-sourcing solutions with our clients
• A fully managed outsourced internal audit service

We aim to provide a tailored approach to our clients' internal audit needs. Drawing on the experience of specialists in risk management and internal auditing, using our electronic tools and methodologies, and comparing to 'best practice' standards and internal audit benchmarks, we provide them with the most appropriate solutions.

Our internal audit services are closely integrated with our other risk management services, such as CRSA ?Control and Risk Self Assessment ? which enables us to offer our clients a holistic approach to the management of their enterprise-wide risks. We do not believe that a 'one size fits all' approach to the provision of internal audit services can deliver effective solutions.

Internal Audit Advisory Services

Establishing an In-House Internal Audit Function

We provide advisory and project management services for clients who are considering the establishment of an in-house internal audit function. Our service can include advice to:

• Assist executive management identify and codify the 'risk appetite' of the organisation
• Establish an internal audit charter and mandate consistent with the company's business strategy and its risk appetite
• Ensure internal audit is fully integrated with the other risk management agencies of the company by advising on the most appropriate risk management architecture
• Provide an interim head of internal audit to manage the transition from joint sourced to an in-house internal audit function
• Assist in the development of a strategic internal audit plan
• Develop working and reporting methods, including reports to the audit committee
• Provide innovative solutions for embedding risk management practices within the organisation
• Assist with the internal development of risk and control libraries, work programmes and risk databases

Strategic IA Planning

In creating a strategic audit plan we assist management to:

• Prioritise the key risks to be addressed
• Map the key risks across organisational structures, processes and systems
• Identify how these will be audited (ie "auditable units")
• Establish the appropriate frequency of coverage of the auditable units with respect to the organisation's 'risk appetite.'
• Establish the requisite amount and skill level of internal audit resource required to deliver effective assurance

For organisations that have a portfolio of contracts; divisions, operating units, retail outlets or branches, our portfolio profiling methodology assists management to determine their relative risk profile in order to focus audit resource most effectively. The methodology uses both qualitative and quantitative risk drivers to capture the relative risk profile of the business operations.

Joint Sourcing Internal Audit

For clients that already have an established in-house internal audit function, we provide to them a range of joint sourcing services. Joint sourcing provides a number of benefits for our clients, whilst allowing them to remain in full control of their in-house function. Key facilities include:

• Provision of specialist input to the existing internal audit function in order to enable a re-focus towards a risk based approach to internal audit
• Access to our specially developed tools and methodologies, including risk and control libraries
• Support for the development of in-house staff through supervision, training and joint sourced audit teams
• Provision of experienced internal audit staff to assist during heavy work periods
• Provision of specialist skills to complement the core in-house team including; personnel management, treasury management, forensic and anti-fraud, and IT systems.

Outsourced Internal Audit

A fully outsourced, risk based internal audit function to our clients. This enables the management team to focus their attention on the core operations of the business whilst ensuring the Board receives first class, independent assurance on the management of key risks.

Our outsourced solution covers the full spectrum of Risk Management from; the identification and polarisation of enterprise wide risks, development of a strategic and annual audit plans, delivery and work management through to periodic reporting to the Board and audit committee.

Why do people want assistance with their Internal Audit function either through the provision of advisory services or through an outsourced or jointly sourced internal audit function?
The setting up and maintenance of a risk-focused internal audit function is a challenging undertaking in any environment. In practice the benefits of partnering with an external purveyor include:

• Raising the profile, stature and effectiveness of internal audit within the organisation
• A cost-effective transfer of skills over time
• The availability of additional internal audit resource as and when required
• Implementation of leading edge internal audit practices
• Access to a broader and deeper range of technical specialists
• A cost-effective internal audit solution well adapted to coping with changing and/or emerging business risks
• Access to our internal audit software tools, methodologies and intellectual capital
• Overcoming the difficulties of maintaining and resourcing an in-house function
• Dedicated resource which is not distracted at times of greatest stress on organisations

For further information, please click here.