- KPMG’s Internal Audit Methodology (IAM) is KPMG’s global approach to providing internal audit outsourcing and co-sourcing services. It is a risk-based approach that focuses on our clients’ objectives and impediments to achieving those objectives. IAM has been developed for consistent execution in every internal audit practice around the world. The process is scalable and is underpinned by our risk assessment methodology. Solutions offered through IAM include:
- Setting up of Internal Audit function
- Undertaking internal audit risk assessments
- Developing risk-based assurance plans
- Identifying and monitoring Key Risk Indicators (KRI) and Red flags (continuous monitoring)
- Data analytics
- Forensic audits and investigations
- Implementing IT systems to support IA delivery
- Providing specialist skills to execute audit engagements in specialized areas (fraud investigations, project monitoring, implementing IT systems, revenue assurance, etc.)
- Imparting training to internal audit personnel.
- Consists of a top-down approach, focused on the strategic and significant risks to the organization as a whole
- Focuses efforts on the areas of greatest importance and value to the organization
- Actively involves clients in the risk assessment process and the resulting outcomes
- Is dynamic with a modular design and so can used in multiple scenarios, such as where KPMG is appointed mid-cycle or to provide services under a co-sourcing arrangement
- Incorporates an approach that is relevant, scalable and flexible so that it may be applied to any level within an entity.
Is your Internal Audit Function (IAF) adding value to the business and delivering the value you expect?
- Today, Boards and CEOs are looking at their IAF as a key strategic tool and expecting more out of IA. In a joint survey by KPMG’s Audit Committee Institute (ACI) with the National Association of Corporate Directors (NACD) in the United States, it was found that only 46 percent of audit committee members were very satisfied with their company’s IAF.
- Audit committees and CEOs today are interested in knowing how they can position their IAFs to add value to the business that goes beyond regulatory compliance and assurance on internal controls. IA is also expected to lead the way in linking risk monitoring, compliance activities, continuing regulatory changes and the C – level agenda.
How we can help?
- Internal audit functions that provide the greatest value to the CEO are those with a clear understanding of the value they can offer and have a vision to enhance that value. KPMG’s Strategic Performance Review for Internal Audit (K’S Print) goes beyond the traditional quality assurance compliance review to identify high impact improvement opportunities.
- K’SPRint’s interactive approach and intuitive framework can help you answer these critical questions.
- Positioning – Is internal audit strategically positioned within the business to enable it to contribute to business performance?
- People – Does internal audit have the right staffing strategy to deliver on the agreed objectives?
- Processes – Do internal audit processes enable it to achieve objectives and is the department responsive to changing business needs?
Our Services and Solutions