In the wake of some severe corporate failures, expectations from Internal Audit are changing, and there is a clear shift in how organizations view their corporate governance and control environment. Share holders and audit committees are taking active interest in the effectiveness of Risk Management and Control Assurance areas in their organization. Stakeholders are increasingly demanding a higher degree of transparency and ethical behavior. Consequently, organizations are introducing risk-based internal audit plans, which are designed to focus on critical areas. Appropriate risk management systems enable organizations to take advantage of opportunities while effectively managing the accompanying business risks. Managing loss potential, while consciously taking acceptable risks directly enables the management to provide fair returns on investment. Today’s leading internal audit organizations are no longer limited to hazard avoidance and compliance. They need to demonstrate their knowledge on risk management, business process improvement, which is a characteristic of a consultant rather than a classical internal auditor. Furthermore, internal auditors are no longer required to focus solely on financial audits. They increasingly need to provide value adding support to managements across all areas of operation, for example, Information Technology, Purchase-to-Pay process, Order-to-Cash process, regulatory compliance, etc. To meet these challenges, a growing number of organizations are looking for strategic partners to support their internal audit requirements.
How we can help:
- We employ highly skilled professionals, who can help solve many of your common problems with the right solutions, contemporary processes/methodologies and superior tools/technologies.
- We can help organizations improve their quality and effectiveness of internal audit process by
- Advising and assisting in the development of internal audit and risk management methodologies
- Assessing whether the internal audit function is delivering effectively to stakeholders o Providing internal audit resourcing solutions, including full outsourcing or complementing in house functions with specialist skills or geographical coverage
- Supporting internal audit functions with software to enhance and support their work
- Training for internal auditors using our extensive market and industry knowledge
- Conducting internal audit using “Hub and Spoke” method by deploying subject matter experts, who focus in industry-specific and technical risk areas