Internal Audit
Our internal audit services help you identify risk, take timely corrective actions and help maximise the benefit of opportunities.
The Institute of Internal Audit (IIA) define internal audit as “an independent, objective assurance and consulting activity designed to add value and improve an organisation’s operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes”.
We typically work with our clients to provide:
A fully outsourced internal audit service: leave it to us, we will manage and deliver your internal audit function, helping to identify and manage risks
A co-sourced internal audit service: we’ll work with your in-house team to support your existing function with experienced internal auditors, to help fill resource or knowledge gaps
Other: our specialist teams are experienced in establishing ‘start up’ internal audit functions, moving delivery from in-house to out-sourced, provision of training and ad-hoc support and External Quality Assessments (EQA) to help your team be the best they can
Our team are here to help boost value, efficiencies, strength of internal controls and help future proof any organisation against their most significant risks.
The value of internal audit
We are a unique firm which is proud ‘to be different’; our structure, approach and the empowerment of specialist teams distinguishes us from our competitors. We recognise that internal audit is a ‘people business’, that’s why we employ recognised Subject Matter Experts, who are actively involved in delivery and working with our clients to continuously improve through our market leading methodologies.
Strong well-resourced internal audit not only helps prevent failings in respect of Governance, Risk Management and Control (GRC), but importantly can open new opportunities and support growth.
Whether mandated by regulation or not, good internal audit should be at the heart of your governance and control framework. It provides Board and senior management the confidence to continue operating in an informed and sustainable way, the opportunity to take corrective actions or the ability to refine and improve.
At a glance:
Our services help you identify risk, take timely corrective actions and help maximise the benefit of opportunities
Our team are recognised experts working to professional standards
We quickly establish rapport with your management team to deliver services which really add value to your operations
We will tailor your internal audit service to your organisational maturity, size, risk and regulatory requirements (where applicable)
We can provide fully out-sourced services, co-sourced specialist support, expert advice and training solutions to in-house teams
Compliant with all applicable professional standards.
Our internal audit approach
Our risk-based approach identifies the strategic, operational and financial risks where organisations require assurance and advice. This means we can work with you to ensure people, processes, practices and systems are all aligned, working effectively to deliver objectives and managing risks to within appetite.
Our approach to establishing an effective Board Assurance Frameworks (BAF) is an evolution and extension to good risk management arrangements, developing a communication loop which informs assurance needs, builds organisational intelligence and in turn allows Board to make informed governance statements.
Our approach enables us to consider:
Where we can offer ‘consultancy’ support relating to business critical risks beyond Risk Appetite;
Prioritise ‘independent’ assurance over controls managing critical risks within Risk Appetite;
Robustness of core controls surrounding risks to non-compliance and/or reputational damage;
Efficiency of resource intensive controls to make a positive contribution to Economy, Efficiency, and Effectiveness;
Controls supporting Environmental impact and Equity;
Naturally, where our work will add most value to the organisation through assurance or improvement to process.
Where areas of control weakness are identified, we work collaboratively with management team to identify the appropriate corrective actions and establish a clear path for risk mitigation and performance improvement; either through improvement to the design of controls or improving their application to become more effective.
How can we help you?
Our senior team started their careers as in-house team members, today, they aim to bring our clients the benefit of a bespoke and tailored approach with the flexibility, skills and experience of an outsourced team. We believe in working in partnership with our clients rather than for them.
Time and time again we see examples of big companies failing either financially or to deliver upon their promises; well-known names in the accountancy world have come and gone, banks have been bailed out by the government and very large firms such as Carillion have gone into insolvency. Deep down many of these occur because organisations, lose their ‘personal touch’ whether that be within their own businesses or their dealing with their clients.
Nice to Know
Our approach complies with the Institute of Internal Auditors (IIA) International Professional Practice Framework (IPPF) and associated Public Sector Internal Audit Standards (PSIAS). Our last External Quality Assessment (EQA) was performed in March 2022 and achieved the highest grade of conformity.