Internal Audit has to drive value creation. At KPMG we believe this is about delivering the optimum level of assurance for the lowest cost, and in doing so, freeing up vital resource. Heads of Internal Audit are more accountable than ever before for demonstrating that their key risks and issues, and subsequent risk management processes, have the right level of assurance. CFOs are keen to avoid damaging shareholder value due to unnecessary risk exposure, but equally, do not want to pay the price of diminishing assurance returns.
Tick-box style auditing is simply not acceptable in today’s environment. All organisations are facing a myriad of constantly changing pressures, brought about by economic volatility, regulatory changes, market pressures or simply organisation development. Today’s high performing Internal Audit departments are those that are successful at embracing change by continuously appraising and revalidating their internal audit programmes. What does your Internal Audit function need to look like to best serve your business in a changing world?
There are real rewards for those organisations that are able to breakdown functional silos and drive high levels of transparency, whether that’s between the internal audit, external audit, sustainability, health and safety or other risk functions. Our team of Internal Audit and Risk specialists can help to ensure that you are tackling the right risks, improve and align your governance, risk and control frameworks, and ensure that there is the right level of stakeholder buy-in from the board down. We can provide independent advice to your Board, the Audit Committee, Management and Regulators on your organisational risks and the state of your controls, and work with you to implement any improvements that are needed.
These situations can be particularly complex and critical in the world of joint ventures, where we work closely with KPMG's specialist JV team. Read more about our joint ventures services
Issues that you may be facing
- Management concern over the risk exposure for key processes or controls
- Management intend setting up a new Internal Audit function
- Poorly valued or no in-house Internal Audit function
- Little or no senior Internal Audit experience
- Risk areas are identified where the Internal Audit function does not have the required subject matter expertise
- Acquisition or considerable business change in the pipeline
- Mandatory regulatory compliance requirements
- Large companies operating in many countries or experiencing significant growth
- Lack of career opportunities for an in-house team to move into the business
- Review of the effectiveness of your Internal Audit function (KSPRint)
- Internal Audit Outsourcing and Co-sourcing
- Risk Management
- Internal Controls Assurance
- Training Tools and Techniques
- Internal Audit Secondments
- Data Mining and Data Analytics
- Self Assessment (KSAT)