Improve management oversight on risks and assess the quality of the Internal Audit Function.
Improve management on risks and assess the quality of the Internal Audit Function.
While the statutory auditor is responsible for auditing a company's financial statements and forming an opinion as to their truth and fairness; the internal auditor function is responsible for proving objective assurance as to the adequacy and effectiveness of a company's risk management and control framework.
The audit committee should evaluate internal audit based on its own experiences and ask management and external audit to provide their own assessments.
KPMG has established methodologies that offer a means to assess the effectiveness of the internal audit function and the audit committee against leading practice principles and to provide recommendations to strategically reposition the internal audit function and improve audit committee functioning.
As new laws and regulations are introduced, their requirements challenge boards to greater levels of transparency, objectivity and professionalism. This means directors need to ensure that corporate governance standards are adhered to and robust management systems are in place.
Our approach combines an analysis of the structure and organization with an assessment of the systems and processes, which can help to improve internal control, risk management and sound corporate governance.
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Koen De Loose