The role of an organisation’s internal audit function is to provide independent assurance that the decisions made and activities planned are appropriate, in compliance with laws and regulations, and that the organisation’s resources are used prudently and efficiently. Establishing a functional and efficient internal audit function requires management’s time, effort and experience; therefore, more value may be derived from outsourcing the service. Outsourcing can be either full or partial (co-sourcing) empowering your internal audit team to seek support and advice from a more experienced third party team.
KPMG internal audit specialists have extensive experience in enhancing business processes and assessing risks both in the public and private sector. To help management understand strategic risks and identify cost reduction and profit improvement opportunities, we use KPMG’s proprietary internal audit methodology to analyse your organisation’s business strategies and related business processes.
Addressing your needs
Establishing and improving the internal audit function
- Based on the expectations of your organisation’s leadership, operating environment and risk profile we help you define the objectives of the organisation’s internal audit and establish the internal audit function.
- We help recruit suitable candidates for your internal audit function, facilitate their subsequent training and further development.
Internal audit outsourcing and co-sourcing
- We perform an internal audit for your organisation. In technically sophisticated areas we pool the resources of our Internal Audit practice and other KPMG functions.
- Under a co-sourcing arrangement, we assist you when your internal audit function needs temporary additional staff, your in-house team may lack expertise in some area, or when you need independent expert assessment.
Evaluation of the internal audit function (Quality Assurance Review)
- We assess the activities of your internal audit function based on the International Professional Practices Framework (IPPF) and industry best practice.
- We assist in identifying and implementing changes to increase internal audit efficiency
Enterprise risk management and compliance
- We help identify your organisation’s significant risks.
- We assist you in developing a framework for establishing an ERM (Enterprise Risk Management) system for your organisation, define policies and draw up guidelines.
- Applying KPMG risk management maturity model, we evaluate the effectiveness of your ERM, and enhance your organisation’s risk management process.
- We help you keep up-to-date with laws and regulations and ensure your organisation’s compliance.
- We help assess, establish and refine your organisation’s governance structure.
- We help mitigate white spaces and eliminate ambiguity and communication gaps.