A firm’s control environment must be designed to provide reasonable assurance of achieving its business goals efficiently and in a compliant manner. This is particularly important for regulated firms who operate in complex markets with fast changing risk dynamics and a multiplicity of stakeholders.
An effective internal control environment and robust internal audit function are the foundation stones of the risk intelligent financial services organisation. Effective internal audit can support and help embed a culture of risk awareness in a firm. To achieve this end, the Internal Audit function must understand all aspects of the organisation – its business, operating structures and its culture, and constantly evolve to meet the increased risk monitoring needs of the organisation as well as supporting its compliance obligations. Our industry knowledge, combined with our risk-based internal audit methodology, enables us to help firms assess their control environment. We work with clients to establish their ongoing audit plans, and execute long-term control testing plans. We work with clients to highlight areas of risk, develop work plans and audit programmes, and improve operational efficiency.
Our services include:
- full outsourcing of internal audit;
- co-sourcing with the existing internal audit function;
- establishment and transformation of internal audit functions;
- independent review of effectiveness of internal audit structures, reporting, planning and monitoring of processes;
- process mapping and process reviews;
- documenting, assessing and testing internal controls frameworks;
- policies and procedures reviews; and
- specialist audit reviews including business continuity planning, IT and information security.
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