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Evaluation of the internal audit function

Evaluation of the internal audit function

Independent verification of the functioning of the Internal Audit in the company with regard to best practices and standards used in the market.

Independent verification with regard to best practices and standards.

The evaluation of the internal audit function carried out by KPMG is based on independent verification of the functioning of the Internal Audit in the company with regard to best practices and standards used in the market (in Poland and globally).

In the analysis, we use a tool developed by KPMG - K'SPRint (KPMG Strategic Performance Review of Internal Audit) – which uses standard procedures not only to evaluate the functioning of the company's Internal Audit, but also to compare the results of the analysis with other similar regional and global businesses. K'SPRint methodology is consistent with international standards on internal audit and permits to review the internal audit function in accordance with the 1312 The Institute of Internal Auditors standards, which also meets the FSA requirements included in Recommendation H.

KPMG methodology has been developed by an international team of KPMG specialists. It has been adapted to Polish realities and requirements by our local Internal Audit KPMG team. The starting point for such projects is the data obtained from the members of the audit committee, the board, the executive management team and internal audit.

 

Our analysis covers three main areas:

  • Positioning and integration of the internal audit function within the organization
  • Human resources and the internal audit tools
  • The procedures and internal audit processes.

On the basis of KPMG’s business knowledge and experience, management board requirements and regulations, the current state is compared with the standard requirements and the optimum state. At the end, KPMG shows the recommended actions that should be taken to reduce the gap between the current and the targeted state.

 

The advantages of the approach proposed by KPMG:

  • It complies with the 1312 The Institute of Internal Auditors standards and the guidelines stated in the H-FSC Recommendation
  • It takes into account the expectations of the audit committee and of the board of the company, regarding internal auditing
  • It shows a comparative analysis (benchmarking) with the standards respected in similar companies, on the basis of GAIN reports, prepared for KPMG by the IIA
  • It is objective and independent
  • It develops the optimal recommendations, which help to improve the internal audit function and to achieve the target level.

 

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