Internal Audit provides strategic sourcing of internal audit; continuous auditing/monitoring; ERM; governance and regulatory compliance.
IA provides strategic sourcing of internal audit; continuous auditing/monitoring...
Demands on Internal Audit (IA) departments have never been greater. Corporate governance, risk management, and internal controls are all under increased scrutiny by regulators and stakeholders. Internal audit is considered to be the third line of defence under Basel II and is also required under Solvency II. With its focus on adding value, IA functions are also becoming key for the success of those organisations which are not regulated.
Achieving effective IA capabilities thus requires a significant level of investment in skilled resources, methods, training and technical infrastructure.
This, coupled with a drive towards greater efficiency, has led to the need for organisations to critically re-think their IA function’s resourcing strategy.
Co-sourcing or outsourcing internal audit work reduces costs, increase the flexibility and continuity of your IA resources as well as enables you to focus on what you do best. It can also provide you with the ability to tap into specific skill sets, industry knowledge and global resources on an 'as-needed' basis.
We set out below the main services we provide to our portfolio of clients operating in a number of industries.
External Quality Review of the IA Department
KPMG may assist you by performing an external assessment of the Group’s IA Department. The Standards promulgated by the Institute of Internal Auditors require an external assessment every five years. However, beyond conformance with the requirements of the IIA Standards, an external quality review will provide you with a gap analysis against good practice in internal audit.
Our comprehensive methodology, K’SPRint assesses your function against 15 best practice principles organised across 3 components.
Outsourcing and Co-sourcing of Internal Audit Activities
KPMG has invested heavily in developing a leading edge IA methodology. We recognise that IA must focus on providing value to the organisation through a mix of knowledge sharing, coaching and effective challenge. Our aim is to maximise the value add you get from your Internal Audit function by bringing you the latest tools, tailored solutions and by being innovative. More importantly our aim is to bring you insight: helping you identify emerging risks and turning these risks into opportunities.
An interactive risk assessment
A value-adding internal audit must be risk-focused. Focus on risks means that the risks are within the scope of internal audit engagements with sufficient regularity, depending on their criticality. This will put the your key stakeholders’ minds at rest.
Our interactive risk assessment seeks to bring together management’s knowledge of the business and the IA Department’s knowledge of processes and controls, to assist you in formally identifying and prioritising the your risks.