Internal audit is potentially one of the most influential and value added services available to an organisation, with the power to make a tangible contribution to its stewardship, efficiency and profitability.
To be effective an internal audit function must:
- Have the power and authority to look at the key risks, to report the results and drive improvements
- Conduct its work objectively and independently, applying appropriate skills, knowledge and professional care; and
- Strive to measure and improve the quality of its work
Yet how does management and the audit committee satisfy itself that internal audit is functioning effectively and efficiently for its current and future business needs?
There are many factors that can be used to measure an internal audit department’s performance. These can, of course, be assessed by internal reviews. However, there is real value to be gained from an independent quality assessment review using a firm such as RSM Tenon, who are able to apply a wealth of experience gained in delivering internal audit services in both the private and public sectors.
We are able to benchmark against leading practices which enables us to identify gaps and make recommendations to ensure your function remains leading edge and meets quality standards, business needs and adds value.
Our approach is also fully compliant with guidance and requirements promulgated by the IIA (inc) with the work delivered by a team of highly experienced practitioners all of whom are accredited under the IIA QAR regime.
Why would you need it?
- You work within a market sector (e.g. local government) where there is a regulatory requirement for an independent review of the effectiveness of your in-house team
- You would like independent assurance that your in-house internal audit team has the capability and capacity to address the issues your organisation faces and is effective in doing so
- Because Internal Audit departments are required to operate a Quality Program in line with the requirements of the International Standards of Professional Practice of Internal Auditing (IPPF) . As part of this an external quality review is required at least every 5 years