Internal Audit

Internal audit is about much more than compliance. It’s critical to good governance and business performance. It provides confidence to manage key risks, informs good decision making and improves organisational performance.

A good internal audit evaluates and improves your risk management controls; reviews governance processes and procedures, and assesses your organisation’s key functions and support services to ensure your business goals are supported effectively and your regulatory responsibilities are met. Greater efficiencies, aligned to your core business objectives, ultimately reward your bottom line.

Our internal audit services provide you with the independent and objective support you need in designing, implementing and operating your controls effectively.

Outsourced internal audit

We can work with you to assess your enterprise risks, identify the areas of greatest vulnerability, and develop appropriate work plans and audit programs to mitigate these risks. Our outsourced internal audit solutions are flexible:

  • Assess your audit requirement
  • Developing an internal audit charter
  • Generating an internal audit strategy
  • Delivering and reporting on internal audit reviews
  • Running your full internal audit function

Co-sourced internal audit: If your department lacks the breadth of specialist skills or you require additional resources at peak times, we can cross-post our staff to complement your internal audit function. Our co-sourced service provides:

  • Project management expertise
  • Access to subject matter experts in human resources; performance improvement; fraud and corruption assessment and investigations
  • Experienced internal auditors who require minimal supervision

Internal audit transformation

Grant Thornton’s internal audit effectiveness and improvement reviews will help to assess and improve your internal audit function. Our reviews deliver real value through:

  • Benchmarking against current best practices
  • Productivity and value-for-money assessments
  • Pragmatic advice on improvements
  • Assurance to Boards and Audit Committees that your internal audit function focused resourced and managed effectively

Risk Management

Effective risk management gives companies the confidence to act on future business decisions. Our risk management offering helps you develop or enhance your organisation’s approach to risk management, to the point where it is successfully embedded in the organisation. This includes:

  • Assessing risk management frameworks
  • Conducting enterprise-wide risk assessments
  • Development of risk policy frameworks and risk appetite statements
  • Assisting you to embed effective monitoring and control processes
  • Risk culture assessments
  • Risk maturity assessments.

Internal Control and Process reviews

All businesses must change and evolve to remain competitive but if your control environment doesn’t adapt, the risk of failure grows. It’s essential to ensure your processes, systems and controls enhance value, rather than dilute it.

With the rigorous approach, our experienced team will help you identify and understand the risks inherent in key processes and whether your existing controls are adequate and efficient in mitigating those risks. Our solutions consider the alignment of people/ organizations, technology and business processes.

  • Control design assessments
  • Efficiency & effectiveness assessments of processes
  • Pre & post – implementation reviews
  • Process documentation and manual preparation

Fraud and forensics services

We combine our highly specialised forensic accounting and digital technology team to conduct investigations involving suspected fraud, bribery, corruption and money laundering, for a range of different entities. In addition, we provide fraud risk management services to help organisations understand their exposure to the risk of financial crime.

How we can help