Internal Audit Advisory
Internal Audit is independent from the line management of an organization, and as such it often has a reporting line to the Board of Directors or the Audit Committee.
Internal Audit Advisory assists your organization through:
Maintaining your internal audit function
Through outsourcing the internal audit function to Internal Audit Advisory, a flexible solution, where you can scale up or down the function based on your current needs. Our consultants have extensive experience of internal auditing from a broad range of industries.
When establishing an internal audit function, we typically develop an Audit Charter to define the role of the internal audit function within the organization and carry out a risk assessment. Based on this assessment, we develop an Internal Audit plan to be approved by the Audit Committee.
Support to the existing Internal Audit in times when the function needs specialists or general reinforcement
Occasionally, the existing Internal Audit function works under high time pressure and has too limited resources to handle the project requests from the Audit Committee, or the organization. There are also situations where theInternal Audit doesn’t have the appropriate resources to carry out these engagements. Internal Audit Advisory has the resources to assist your Internal Audit for shorter or longer time periods.
External quality assessment of the Internal Audit Function to fulfill the requirements of the IIA Standards
To comply with the International Internal Audit (IIA) Standards, existing Internal Audit functions regularly (at least every five years) need to be evaluated by an external reviewer. Internal Audit Advisory has certified reviewers to perform quality assessments of Internal Audit functions.
Maintaining your whistleblower function
Through outsourcing the whistleblower function to Internal Audit Advisory you will get an effective reporting channel of reported suspected fraudulent activities within your organization. Internal Audit Advisory has developed clear policies and guidelines that can be effectively implemented in your organization. Internal Audit Advisory evaluates the reported activities based on certain evaluation parameters to assess and recommends whether an investigation needs to be performed or not. Activity reports are issued and sent to the Board, Audit Committee or similar on a regular basis with information of all reported suspected fraudulent activities including the actions taken.
Investigation of suspected fraudulent activities
At times when companies are exposed to fraud, there is a need to investigate what has happened and how the company hass been affected by the incident. We assist companies in these investigations to clarify events, identify shortcomings, and propose recommendations of how to strengthen internal controls in order to minimize the risk of it reoccurring.
Assessing the effectiveness of internal control on behalf of Management
The Board of Directors is responsible for internal control, and often delegates this responsibility to the Managing Director. In order for the Managing Director to assess whether the internal control environment is effective, the structure needs to be evaluated through, for example, testing. For listed companies, testing may even be a legal requirement. Internal Audit Advisory can perform testing on behalf of Management, with minimal disturbance for the organization.