Internal audit
Outsourced internal audit for businesses and public sector bodies, carried out with regard to the International Standards for the Professional Practice of Internal Auditing.
Overview
An independent review of how processes and controls work
Internal audit is useful when it is not a formality: it gives a true picture of whether processes operate in line with the rules, and where risk arises.
Our firm undertakes the internal audit function for businesses and public sector bodies alike. Outsourcing brings the client several benefits: there is no need to maintain in-house capacity, and the audit retains its independence from the units under review. Through efficient use of resources we can offer a competitive service price, saving the client cost.
Our colleagues hold the licences and professional expertise required for this activity, including the audit of specialised areas. We perform our work with regard to the International Standards for the Professional Practice of Internal Auditing.
What we do
Our internal audit services
We take on work in the following areas — either by performing the entire internal audit function or by carrying out individual targeted reviews.
- Setting up the system. Building an internal audit system and providing ongoing support for its operation.
- Policy documents. Preparing the audit manual and internal policies.
- Risk management. Designing and operating a risk management system.
- Controls testing. Planning, performing and documenting the testing of controls.
- Built-in management control. Designing and supporting the system of preliminary, subsequent and management control built into processes.
- System review. Comprehensive review of an entire operating system.
- Compliance review. Checking compliance with legal and internal requirements.
- Performance audit. Examining the effectiveness and efficiency of operations.
- Investigation of suspicious events. Targeted, documented investigation of indications of fraud.
- Review of EU projects. Reviewing the compliance and accounting of projects funded by the European Union.
Frequently asked questions
What our clients ask most often
What is the difference between internal audit and the statutory audit?
The statutory audit gives an opinion on the reliability of the financial statements for a given business year. Internal audit, by contrast, examines the organisation’s processes, controls and risk management on a recurring basis, and puts findings and recommendations to management.
Can public sector bodies use this service?
Yes. We undertake the internal audit function for businesses and public sector bodies alike, and our colleagues hold the licences and professional expertise required.
How does a review run?
After assessing the risks we prepare an audit programme, then carry out controls testing and document review in the selected areas. We summarise the findings and the corrective recommendations in a report, which we discuss with management.
Who is required to have internal audit?
In some sectors — financial institutions and public sector bodies, for example — it is prescribed by law. At many companies it is an owner or parent-company expectation; elsewhere it is simply a tool for managing risk. We assess the need together.
What do we get at the end of an internal audit review?
A written report that presents the risks identified in order of significance and attaches a specific, actionable recommendation to every finding, with an owner and a deadline. On request we also follow up on implementation with a subsequent review.
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Request a quote
Ask for an internal audit quote
Describe the organisation and the audit task in question, and we will propose the scope of the audit programme.