Internal Audit Effectiveness
Audit Committees are now beginning to take a much more rigorous approach to assessing internal audit effectiveness.
And there is increasing recognition of the International Internal Audit Standard which requires a periodic external review of internal audit.
We are uniquely well-positioned to review internal audit from a different perspective.
As well as having the expertise, we are not conflicted: unlike the Big Four firms we are unlikely to be a regular existing provider of services – and we don’t provide internal audit outsourcing.
Our expertise is founded on our experience – our partners have many years’ experience of working on audits and often on an internal audit review we’ll bring in an Associate with direct internal audit experience in that sector.
This helps us take a more strategic view – we will look at the audit processes and structures but we’ll focus on how far internal audit is achieving what’s needed by the business and the Board.
We’ll also look closely at the relationships and communication, and how far internal audit’s position is underpinned – or undermined – by stakeholder perceptions.
We’ll consider how internal audit fits with the overall assurance structure and risk management and how far it needs to go in supporting the Board as it seeks to get a picture of remaining risk exposures and risk mitigation.
And we will give a view on how well it is equipped to respond to the future demands on the business.
We will of course look at planning, methodology and reporting and the current “fitness for purpose”. But what you’ll also get is a more strategic focus and a report which is suitable for the Audit Committee and Executive.
Our internal audit review clients have included HSBC, Centrica, BG Group, Unilever, British Energy, Schroders, Tate & Lyle, Catlin, Inchcape, Brit Insurance, Rexam, Wates Group and The British Council.
And if you don’t want a full external review, you can use our web-based service Thinking Board which contains a specific internal audit review module. You can use it stand-alone or combined with consulting support from us to make it an externally-facilitated internal audit review. This helps the Audit Committee take a more rigorous approach by drawing on our expertise – but in a lower cost way.