Internal Audit

Internal Audit Services provide independent and objective evaluations of an organization’s internal controls, risk management, and governance processes. The scope of services can include:

Risk Assessment

This service assesses the organisation’s internal and external risks, including financial, operational, compliance, and reputational risks. The risk assessment process identifies potential risks, prioritises them based on the organisation’s risk tolerance, and helps develop a risk management plan.

Control Evaluation

The control evaluation service focuses on the design and operation of internal controls within the organisation. We will evaluate whether controls are in place to mitigate risks and if they are functioning effectively. The evaluation results are used to identify control weaknesses and improve the overall control environment.

Compliance Evaluation

This service verifies the organisation’s compliance with laws, regulations, and company policies. We review policies, procedures, and records to ensure compliance and identifies any areas of non-compliance for management to address.

Financial Statement Audit

The financial statement audit service focuses on the accuracy and completeness of financial statements, including the balance sheet, income statement, and cash flow statement. We perform tests and procedures to ensure that financial information is correctly reported and that internal controls are in place to prevent errors and fraud.

Operations Audit

This service evaluates the efficiency and effectiveness of business processes and identifies opportunities for improvement. We perform a detailed analysis of the organisation’s operations and provides recommendations for streamlining processes and reducing costs.

Information Technology Audit

The information technology audit service assesses the security and controls around technology systems and data. We evaluate the organisation’s IT systems to ensure that sensitive information is protected and that controls are in place to prevent unauthorised access, hacking, and data breaches.

Fraud Investigation

The fraud investigation service provides a comprehensive review of suspected fraudulent activity within the organisation. We use forensic techniques and specialised tools to gather and analyse data, and provides recommendations for preventing future fraud.

The Internal Audit Services team works with management to understand the organisation’s objectives and risk profile, and develops an audit plan based on these factors. We perform the audit planning, fieldwork, reporting, documenting findings and recommendations, and presents results to management. The goal is to provide valuable insights to help
the organisation achieve its objectives and improve its operations.

Key Features

  • Independence and impartial assessments
  • Prioritisation of critical risks
  • Coverage of multiple risk areas
  • Specialised expertise
  • Process-focused improvement recommendations
  • Effective communication
  • Continuous risk assessment

Quality Assurance: Internal Audit

Internal Audit Quality Assurance Services are a critical aspect of ensuring that an organisation’s internal audit function operates effectively and provides meaningful insights and recommendations. The objective of these services is to assess the quality of internal audit practices, identify areas for improvement, and provide recommendations for enhancing the internal audit function. Service Description:

  • Setting up a QAIP: A Quality Assurance and Improvement Program (QAIP) is an essential component of a successful internal audit function. Our services include assisting organisations in setting up a QAIP, which includes the development of policies, procedures, and guidelines for the internal audit function.
  • External Independent Validation of a Self-Assessment: Our services include an independent validation of an organisation’s self-assessment of its internal audit function. Our team of auditors will verify the accuracy and completeness of the self-assessment results and provide recommendations for improvement.
  • Full External Assessment: Our full external assessment service involves a comprehensive evaluation of the internal audit function, covering all aspects of the internal audit process, including the scope, risk assessment, findings, and recommendations.
  • Maturity Assessment: Our maturity assessment service is an optional add-on to a full external assessment. The maturity assessment evaluates the level of maturity of the internal audit function in relation to the IIA’s International Standards for the Professional Practice of Internal Auditing. The assessment provides organisations with a benchmark for their internal audit function and helps to identify areas for improvement.
  • Assessment of Internal Audit Processes: Our team of experienced auditors will evaluate the organisation’s
    internal audit processes and procedures to ensure that they are compliant with the Institute of Internal Auditors’ (IIA) International Standards for the Professional Practice of Internal Auditing. Assessment of the Internal Audit Charter: Our team will review the internal audit charter to ensure that it is comprehensive and up-to-date, and that it outlines the scope, purpose, and responsibilities of the internal audit function.
  • Evaluation of Internal Audit Staff: Our team will assess the knowledge, skills, and competencies of the internal audit staff to ensure that they are equipped to perform their responsibilities effectively.
  • Assessment of Technology and Tools: Our team will evaluate the technology and tools used by the internal audit function, such as audit software and databases, to determine if they are adequate and meet the organisation’s needs.
  • Review of Internal Audit Communication: Our team will assess the internal audit communication process to ensure that the internal audit reports are delivered promptly and effectively to the appropriate stakeholders.
  • Recommendations for Improvement: Based on the findings of our assessment, our team will provide recommendations for improving the internal audit function, including specific steps for enhancing the internal audit processes, technology, and staff.
  • Follow-up Review: Our follow-up review service involves a review of the internal audit function to assess the implementation of the recommendations made in a previous assessment. The follow-up review helps to ensure that the internal audit function continues to operate effectively and provides meaningful insights and recommendations.