Recent high profile control failures and increased regulatory demands require organisations to gain independent and objective assurance over the effectiveness of internal controls and risk mitigation.
These pressures are amplified through:
- difficulties in attracting and retaining deep knowledge and specialist skills and the associated recruitment costs;
- ensuring audit plans continuously align themselves to the ever-changing business risk profile;
- demands to improve insight and efficiency by leveraging technological advances and industry best practice; and
- pressure to constantly prove the value of Internal Audit in times of cost reduction.
What action should be taken?
For Internal Audit functions to be effective they require access to a pool of skilled and scalable resources, ready and able to assess and provide assurance around the full array of risks facing organisations today. Organisations need to:
- determine whether the current in house capability is suitable for the changing nature of your company risk profile and future audit plan;
- leverage best practice and insight from across markets and industry sectors; and
- challenge the audit plan and overall risk framework of the organisation.
An in-house team capable of delivering the level of assurance and insight expected by stakeholders may not be feasible or cost effective for many organisations, so our clients look to us to provide such services and support.
How can we help?
Grant Thornton’s internal audit service offers best practice benchmarked expertise in supporting our financial services clients in their internal audit assurance requirements. All of our internal audit services are underpinned by a robust internal audit framework. We work as a collaborative partner with you through our senior, certified and experienced internal auditors, covering all aspects of an internal audit function, to deliver:
- Co-sourced internal audit;
- Outsourced internal audit;
- PCF-13; and
- External quality assessment.