In a business environment characterised by high levels of uncertainty, new and emerging risks and more sophisticated business processes, organisations must continue to demonstrate to their stakeholders that they have adequate controls and safeguards in place.
Internal audit and assurance is an integral part of good governance. In some industry sectors, internal audit is mandated whilst in other sectors, it is strongly recommended.
Stakeholders demand more than the traditional ‘tick and bash’ internal audit and assurance function, they demand a function that:
- Is independent of management;
- Utilises a risk-based audit approach;
- Is aligned and supports other risk and governance initiatives; and
- Works with management to support the attainment of the organisation’s objectives.
We believe that internal audit and assurance activities should provide value and contribute to better business practice and performance. However, the needs of every organisation are not always the same. That is why InConsult offers a choice.
- Co-sourced Internal Audit: If your internal audit department needs additional resources during peak periods, an interim internal auditor or access to specialist audit skills, our co-sourced internal audit service is ideal.
- Outsourced Internal Audit: Provides you with an audit executive and a team of experienced staff with a mix of skills to meet your specific audit needs and budget.
- Strategic Internal Audit Planning: We identify the audit universe and select and prioritise higher risk areas to ensure a risk based audit approach that adds value.
- Process Mapping: Helps to better understand processes, risks and internal controls.
- Probity Support: Expert advice to help ensure the highest standards of procurement practice and to meet legislative requirements.
- Governance Health Check: An independent assessment of an organisation’s governance framework using industry best practice and Australian Standards AS 8000 to AS 8004 as guides.
Benefits of Internal Audit & Assurance
Read our case study to see the benefits of Internal Audit & Assurance in practice.
Would you like to know more about our Internal Audit & Assurance services and capabilities? Contact us today.