Quality Assessment Review of the Internal Audit Function
Quality Assessment Review of Internal Audits
We work closely with stakeholders within the organization to create a quality based assessment of Internal Audits Positioning, People, and Processes.
KPMG helps organizations increase the value of Internal Audit functions.
Do you have a leading practice internal audit function that complies with IIA Standards?
Demands on internal audit departments have never been greater. Corporate governance, risk management, and internal controls are all under increased scrutiny by regulators and stakeholders. In addition to expanding their scope and skills to incorporate a risk-based approach, internal auditors are often called upon to develop a consolidated view of risk within the organization; align people, process, controls, and systems with business strategy; and help mitigate emerging risks against an ever-changing business model.
Key Drivers to pursue a strategic review
- Internal Audit may not fully understand Stakeholder expectations.
- Internal Audit may not be strategically positioned within the organization.
- The Internal Audit function may not be adhering to standards of the Institute of Internal Auditors.
- The skill sets of the Internal Audit staff may not be appropriate to address the needs of the organization.
- Benchmarks and quality measurements may not be in place for Internal Audit.
- It builds stakeholder confidence.
How KPMG can help
We follow our global approach to providing a strategic diagnostic review that helps organizations increase the value of their Internal Audit function.
KPMG helps organizations increase the value of Internal Audit functions. It is the culmination of our extensive experience helping clients establish and review Internal Audit functions for organizations around the world.
The benefits of a Quality Assurance Review would include:
- Conformance to IIA Standards.
- Assessment of Internal Audit’s role within corporate governance, risk management, and compliance structure.
- Optimal utilization of resources to support key objectives.
- Addressing stakeholder expectations.
- Alignment of Internal Audit’s objectives with those of the larger organization.
- High-impact observations that have meaning and value to internal audit.