Internal Audit

Co-sourced or outsourced audit program

Targeted one-off engagements

Controls advisory

Audit transformation

Our internal audit consulting services

By outsourcing your internal audit function, you can acquire expert knowledge without the expense of hiring it or convert fixed operating expenses to variable costs.

Target a known business issue or simply obtain a fresh perspective for a known risk. our service is in line with the International Standards for the Professional Practice of Internal Auditing

An independent opinion on the state of internal controls and risk management systems of the organisation. Providing the Executive and Board with an informed opinion

Development of best practice internal audit systems (policies, procedures etc.) to fit your risk business, appetite and budget.

Our internal audit stages

Step 1: Planning
The audit team gathers relevant information from the audited entity to have a holistic view of the latter’s operations, usually with an opening engagement meeting with the relevant business representative. An audit program, which includes audit methodology, is also created during this stage to conduct the audit and achieve objectives.

Step 2: Information request
Based on the initial investigation, the audit team will provide the business representative with a list of documents or artifacts to help better understand the specific topic of audit.

Step 3: Opening meeting
Relevant business stakeholders (eg Managers, unit heads etc) will be part of the audit will attend an audit kick-off meeting. This meeting serves as a forum to discuss the audit program, purpose, and objectives.

Step 4: Fieldwork
Fieldwork involves collecting, viewing, sampling or testing the audited entity’s records, practices, and resources, as well as evaluating their internal controls and compliances. Fieldwork typically includes interviews with key relevant stakeholder which can be operations staff, leadership or support functions.

Step 5: Report drafting

Once the field work is completed, the audit team will draft a report. This will include findings and recommendations based on information collected. Management will be kept up to date with emerging findings throughout the audit to avoid any surprises.

Step 7: Closing meeting
Concerns or questions regarding the result of the audit must be addressed before releasing the final audit report. Usually, the department management and other personnel from the audited entity attend this closing meeting.

Step 6: Management response
Once any issues from the close out meeting have been addressed, the draft report will be forwarded to the key business representative to review and respond to the recommendations that were given. One crucial aspect that should be present in their response is an action plan.

Step 8: Final audit report distribution
A final audit report that includes the response of the management will be distributed to personnel and individuals who are part of the audit.

Step 9: Follow-up
Where significant findings have been identified, it is good practice for the audit team to be scheduled in to review the status of management actions. This will provide the Board and Executive that actions have been management appropriately.