Internal audit

No longer are organisations looking for solely-focused compliance-based internal audits. Organisations - especially mature ones - are leaning on internal audit to make their businesses better, stronger and more resilient.

They want strong commercial outcomes and sound processes in place to help create or support a positive culture. They know that internal audit can be a great resource to advise on creating those environments while also providing risk mitigation oversight and recommendations.

The internal audit role is to support management and provide independent perspective that systems and processes in place support a robust business structure – one that the management team can rely on and employees trust. This leaves the management team free to focus on the business and its commercial success, rather than worrying about the potential control or process gaps.

An internal audit is not just compliance: it is critical to good governance and business performance. It provides confidence to manage key risks, informs good decision making and improves organisational performance.

A good internal audit evaluates and improves your risk management controls and reviews governance processes and procedures. It assesses your organisation’s key functions and support services to ensure your business goals are supported effectively and your regulatory responsibilities are met.

Internal audit can never guarantee that every system will be perfect, or that it can protect the organisation from every commercial mishap, but it can make a real difference by being a passionate driver of continuous improvement. When done well it makes a tangible difference to commercial success and brand protection.

How we help

Greater efficiencies, aligned to your business objectives

Our internal audit team provides clients with the independent and objective support you need in assessing the design of key controls, systems and processes and the operating effectiveness of them. Furthermore, our practitioners are able to share better practices based on their extensive knowledge and experience, ensuring ‘fit for purpose’ recommendations are provided. What this means is real value is provided from the internal audits with no generic ‘off the shelf’ actions.

Fully compliant with the International Standards for the Professional Practice of internal auditing (Standards), our offering includes:

• establishing an internal audit function
• co-sourced and outsourced solutions
• peer review of internal audit functions
• IT general and systems controls reviews
• IT security assessments.

Outsourced internal audit

Looking to set up an internal audit department or outsource your existing internal audit department? Our outsourced internal audit solutions are flexible.

We can:

• assess your audit requirements
• develop an internal audit charter
• generate an internal audit strategy
• deliver and report on internal audit reviews
• manage your internal audit function
• attend and present Internal Audit reports to the respective Committee(s).

Co-sourced internal audit

Many in-house internal audit departments can benefit from the breadth of skills offered by our experienced practitioners – ongoing, or at peak times. Our teams are complemented with key specialist skills in industry, performance improvement, organisational culture, ethics and technology risks.

Peer review and benchmarking

Grant Thornton’s internal audit effectiveness and improvement reviews will help you assess and improve your internal audit function.

Our reviews deliver real value through:

• benchmarking against current best practice
• productivity and value-for-money assessments
• pragmatic advice on improvements
• assurance to boards and audit committees that your internal audit function is focused, resourced and managed appropriately taking into consideration your size and complexity.