In the current climate it is more important than ever for internal audit to be seen as a credible business partner, able to identify control weaknesses that may undermine business drivers or breach regulatory requirements.
The regulatory environment is becoming more demanding of boards and their audit committees who need independent assurance that they can rely on internal audit. The need for the internal audit profession to be recognised as essential to the success of an organisation has been reflected by the Chartered Institute of Internal Auditors (CIIA) in their strategic vision and recommendations on effective internal audit in the financial services sector.
Grant Thornton has developed a specific methodology for performing Internal Audit Effectiveness Reviews (IAERs) which is tailored to meet individual client requirements. Our approach goes beyond the requirements of the CIIA standards and adds value by considering the bigger picture of internal audit, not just ticking boxes from a desk top file review.
We believe that the components set out below are fundamental to the success of internal audit. Our approach is to provide an in-depth assessment of each of these using our Grant Thornton effectiveness assessment methodology.