Advisory
Internal Audit
An audit function earns its place when its findings close. We set up or run the function - charter, plan, fieldwork and reporting - so the audit committee receives assurance it can act on rather than a list of activity.
Our method
Engagement Method
- 01
Audit Universe
The entity’s processes, systems and locations are mapped against its own risk register, so the audit universe reflects how the business actually runs.
- 02
Risk-Based Plan
An annual plan weighted to the highest risks, with coverage gaps stated explicitly and approved by the audit committee.
- 03
Fieldwork
Controls are tested against how the work is actually done, with every finding evidenced to source.
- 04
Reporting & Follow-Up
Each finding carries an owner, a date and a verification step, and agreed actions are re-tested before they are closed.
Tested against
International Professional Practices Framework (IPPF)
The Institute of Internal Auditors
The recognised authority for internal audit practice, and the basis on which an audit function is quality-assessed.
What is handed over
- 01A board-approved internal audit charter and risk-based annual plan
- 02Audit reports carrying an owner, a date and a verification step per finding
- 03An audit committee report for every cycle
- 04A tracker of agreed actions and their re-test status
What we cover
- Internal audit function set-up, audit charters and annual plans
- Outsourced and co-sourced internal audit
- Risk-based internal audit execution and audit committee reporting
- Internal control reviews across finance, procurement, payroll and operations
- Follow-up audits and re-testing of agreed management actions
- Quality assessment of an existing audit function
What you get
- 01
Audit findings that close and stay closed on re-test
- 02
An audit committee that sees assurance rather than activity
- 03
Controls tested against how the work is actually done
Typical engagements
- Outsourced internal audit
- Co-sourced internal audit
- Internal audit function set-up
- Internal control review
Related training
Related Courses
ExecutiveGovernance & Compliance
Corporate Governance & Board Effectiveness
Fiduciary duty, committee mandates and the practice of running a board that decides rather than receives.
- 16 hrs
- 5 modules
- In person
Certificate In Corporate Governance & Board Effectiveness
IntermediateGovernance & Compliance
Enterprise Risk Management (ERM)
Design an ERM framework, set a risk appetite the board will actually use, and keep a risk register that management maintains.
- 24 hrs
- 8 modules
- Blended
Certificate In Enterprise Risk Management
IntermediateGovernance & Compliance
Risk-Based Internal Auditing
Plan and execute an internal audit programme driven by the entity’s real risk universe rather than by last year’s plan.
- 30 hrs
- 10 modules
- Blended
Certificate In Risk-Based Internal Auditing
Related reading
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