An effective internal audit service will identify major strategic risk, but also help mitigate it. We can help your organisation identify and take action to protect itself from the greatest risks to its strategy, finances and operations.
The coronavirus pandemic and Brexit are just two global issues that have brought challenges across all sectors. With the pace of technological change, regulatory developments and flexible working it is more important than ever to identify and mitigate risk across all elements of strategy, finance and operations to build a sustainable future.
The value of internal audit
We have seen some major failings when it comes to governance, risk management and falling short of regulations. However, over and above this we have also seen how effectively engaging with internal audit and risk management can open new opportunities and support growth.
Whether it is a regulatory requirement or not, all organisations should place internal audit at the core of their governance and control frameworks. In short, this is so that the Board and senior management can be confident there is adequate assurance to continue operating in an informed and sustainable way. Over and above this, expert control related advice can be deployed where needed.
How can we help you?
Our internal audit team will always champion a bespoke and tailored approach to internal audit. We believe that internal audit is a partnership arrangement that we perform with our clients rather than for them. Our specialists are adept at recognising the nuances across and between sectors, organisation type, size, risk appetite and regulatory landscape.
We typically work with our clients to provide:
A fully outsourced internal audit service
Where we will oversee all of your internal audit function and requirements, helping to identify and manage risks; or
A co-sourced internal audit service
Where we bolster your existing internal audit function with experienced internal auditors, to help fill any resource and knowledge gaps.
Alongside this, our specialist team also work on internal audit transformation or start up initiatives where clients may need strategic input and guidance on where best to get started.
Our team are here to help boost value, efficiencies, strength of internal controls and help future proof any organisation against their most significant risks.
Our internal audit approach
Our risk-based approach identifies the strategic, operational and financial risks where organisations require assurance and advice. This means we can work with you to ensure systems, processes, people, and working practices are all aligned for the purpose of managing risks and achieving your business objectives.
Where areas of control weakness are identified, we will agree with you the appropriate prioritised and corrective actions that set out a clear path for continual improvement and risk mitigation.
Working with subject matter experts
It is often the case that clients require someone with specific skills and experience to advise them and provide assurance over particular elements of their business. We can assign subject matter experts from across the entire RSM network to respond to your needs.
Typically this might include:
- Technology risk
- Cyber security
- Contract risk
- Tax risk
- International development consultancy
- Fraud prevention and detection
- Project and programme assurance
- Specific regulatory requirements
Our team have the skills and experience to provide the most comprehensive service possible in the areas you need us. For more information on how RSM can work with you to improve and transform your internal audit programme please contact Mark Jones.
Internal Audit Survey
Since the start of the pandemic, organisations have been forced to re-think, act very quickly, and in part change how they have been operating. Not surprisingly, internal audit functions have seen the effects and had to do the same.
As Covid-19 restrictions ease, plans for 2021 and beyond are being prepared and that’s why now is the time for internal audit leaders and their teams to take the initiative, stand up and shape the future of Internal Audit in the 'new' world.
To help you understand what others are thinking and how organisations are responding, Jed Turnbull, Howard Munson and Jesus Leon have sought a report highlighting views of Heads of Internal Audit in the UK on the challenges of Covid-19, future changes for internal audit functions, and how organisations are managing risk and preparing for a potential UK SOX reporting environment.