Independent Audit Limited

Internal audit effectiveness

Is your internal audit department really fit for purpose?

A lot's expected of internal audit today.  The board and audit committee depend on its work, and so does management.  Everybody wants effective assurance but is also looking for added value.

We help internal audit departments meet these demands by looking at how well they work.  We give an independent view of internal audit effectiveness by getting to the bottom of a few basic questions...

...what is internal audit there to do?
...is it properly equipped to do it?
...is it doing what it is there to do?
...Is there anything that would be better done differently, and can lessons be learnt from best practices elsewhere?

Through a combination of interviews and reviewing reports, audit files and internal audit processes, we get to the heart of the matter.  A fresh pair of eyes helps internal audit meet expectations and make sure it's fit for purpose.  At the same time, periodic review of internal audit by independent specialists helps you comply with international standards and, if you're a financial services company, satisfy the regulator.

In addition to assessing internal audit effectiveness, we can provide strategic support by advising on:

...developing and promoting internal audit's role in the overall risk, control and assurance framework

...creating a new mission and values statement for internal audit

...managing stakeholder expectations through the changes in internal audit

...selecting appropriate techniques and tools to support internal audit's work

...improving internal audit's reporting to the Audit Committee and to management

...supporting your recruitment effort by interviewing prospective candidates for senior audit roles

...reviewing commercial arrangements with prospective co-sourcing partners and partner selection / tender arrangements.

Find out more about our approach to assessing internal audit effectiveness in our brochure and articles on internal audit.