Internal Audit
What is Internal Audit?
An effective Internal Audit (IA) function is critical to the health of your organisation, giving you confidence that your governance, processes, people and technology are functioning well and fit for the future. The board and audit committee are increasingly looking for assurance and value to be provided by IA.
We work collaboratively with the Chief Internal Auditor (CIA) and their team(s) to provide support in building a long-term capability and executing a risk-based IA strategic plan that adds value and achieves the expected business outcomes.
IA teams are experts in risk and control and have a deep understanding of the business strategy, operating environment and risks. We compliment your team by providing deep subject matter expertise in areas such as data, technology, cyber, strategy, governance and business change.
The challenges
As your organisation continues to invest and build its capabilities in data and digital (e.g. Chief Digital Officer, Chief Technology Officer, Chief Transformation Officer, Chief Information Security Officer), the IA function needs to ensure that you can provide constructive challenge and robust assurance in these rapidly evolving areas. At the same time, there's increased scrutiny from market regulators such as the Financial Conduct Authority (FCA) and Prudential Regulatory Authority (PRA), as well as demands from the UK Corporate Governance Code to consider.
Historically, the IA function bolted ‘IT Audit’ onto the IA strategic plan or in some cases did not provide any assurance at all in this area. The ever-increasing reliance now on data and digital (people, process, and evolving technologies) to deliver the business strategy means that this silo'd approach cannot continue.
How confident are you that your key risks are identified and that you can provide assurance to the business that these risks are managed within risk appetite?
How to solve it
In helping you to look forward and manage risk, we believe that a flexible partnership approach with mutual trust and open communication will deliver the best results from the audit support for you.
Our unique approach focuses on supporting you in three areas:
Building your capability: Training and knowledge sharing with the CIA, IA team(s), board, risk and audit committee to build and maintain a common baseline understanding of the risks.
Providing on-demand support: Virtual Head of Cyber, Technology and Change Audit to assist your IA function with all elements of discovery and scoping, planning, fieldwork, quality assurance and reporting.
Deep Subject Matter Expertise (SMEs): SMEs that augment your own team and deliver robust and insightful audits, benchmarked against your peer and aspirational organisations.
The benefits of our services
Our IA clients range from FTSE 50 software and technology organisations, through to leading global banks, building societies, insurers and wealth managers.
Our clients consistently tell us that we’re different when providing IA support because we bring:
Stakeholder credibility: Our senior team have both audit experience and deep expertise from undertaking roles within industry such as CIO, CTO, CISO and Head of Technology and Change Audit.
Robust assurance: A focus on delivering quality at every step so that you can take confidence that the risks are understood and that the controls are designed, implemented, and operating effectively.
Proportionate and commercial: An understanding that budgets are not infinite and therefore our recommendations need to be proportionate to the risks faced, regulatory expectations and commercial to operate.
Robust independent assurance doesn’t happen by accident – we bring a senior led approach and deep subject matter expertise in the key areas of risk that you face.
We don’t adopt a one size fits all approach. We tailor our IA co-source approach so you can get the assurances your unique organisation needs, identify new opportunities and enhance organisational value delivered by IA.
Resources within Technology & Cyber Risk Management
Explore services
Cyber Risk Management & Strategy
Identity & Access Management
Cyber Security Assessment
Get in touch and find out more about how we can help
Our friendly, knowledgeable and approachable staff are available to offer support and advice on your cyber, tech, data, change and operations needs.