An adequate internal audit function helps dynamic organisations manage their risks and turn them into opportunities
Organisations continuously face an evolving strategic, financial, regulatory, operational and technological risk landscape leaving them with challenges that, if dealt with carefully, can be turned into opportunities. In their oversight role, members of the Board of Directors and Audit committees value the independent insights from our internal auditors in this perspective. CEO’s consider our internal auditors as trusted advisors in the realization of their strategic ambitions.
An effective internal audit function can provide independent and objective insights (assurance) on the adequacy and effectiveness of risk mitigating strategies, objectives, processes and internal controls. It is a cornerstone of sound governance and organizational excellence but it requires access to a pool of skilled and scalable resources, ready and able to assess and provide assurance around the entire risk landscape organisations are facing today.
We advise organisations to:
- assess whether the current in house capability is suitable for the changing nature of the company’s risk landscape and whether the internal audit plan sufficiently covers the relevant and most important risks
- leverage leading practices and insights across markets and industry sectors
- determine the most appropriate, yet cost-effective approach to organize the internal audit function: Make sure to rely on a specialist in-house team capable of delivering the required level of assurance, insights and subject-matter expertise
- ensure a qualitative, methodological and norm-based approach by all relevant risk oversight/management actors and internal auditors.
How Grant Thornton can help you
From a fully outsourced internal audit function to a one-off specialist subject matter review, our teams offer independent and objective insights and support. Our senior, certified and experienced internal auditors work with you as a collaborative partnership, covering all aspects of an internal audit function. We can help you with:
- outsourced internal audit, providing a comprehensive and best in class internal audit function
- co-sourced internal audit, supporting existing teams with experienced internal auditors and/or subject-matter experts
- one-off, specialist subject-matter review or assurance engagement (e.g. GDPR, Third party risk management,…)
- preparation of the internal audit plan
- transfer of knowledge through training and on the job assistance
- setting-up the internal audit function or advice on optimizing the function in terms of strategy, governance, reporting lines, methodology, internal audit charter, etc.
- internal audit Quality Assessment Reviews (QAR) to evaluate the adequacy (design) and effectiveness of the internal audit function
- evaluating the set-up and functioning of the Audit Committee/Board of Directors (e.g. through a Corporate Governance maturity analysis)
- performing IT audits, providing evaluation of risks in IT systems and processes.