Internal Audit

Realizing the capacity and capability limitations in many organizations, many entities have resorted to outsourcing fully or partly the internal audit functions. OverSight is prepared for the outsourcing internal audits that may take any of the following forms and many more;

1. Setting up the internal audit function

2. Preparation of risk based annual action plan for the IA function

3. COSO based evaluation of internal controls or implementation of controls model

4. Financial Statements audit prior to attestation audit

5. Audit of organizational strategies and/or operations

6. Audit of projects, programs or funding arrangements

7. Preparing/conducting the organization for the External Assessment of Internal audit activity under the standards

8. Writing of Audit manuals, and charters for the Internal audit function, Audit committee

9. Audits on behalf of third parties on agreed upon criteria

10. Compliance auditing 

11. Due diligence audits including under the Sarbans-Oxley Act  and International Financial Reporting Standards

12. Audit performance review under Balanced Score Card methodology

Internal auditor - does he add value or have nuisance value?

Much depends on the tone-at-the-top and the professionalism of the Chief Internal audit executive (CAE). Ask following few questions;

1.  Is the Internal Audit (IA) activity risk centric?

2.  Are the internal auditors guided by the IIA's IPPF?

3.  Does the CAE report functionally to the Audit Committee or the Board?

4.  Is the IA function staffed with required skill sets?

There are several other questions that may determine if the IA function is independent, objective and adds value to the entity. 

Engage OverSight or its Affiliates to ask those pertinent questions and help IA activity reach the performance level of an average or higher industry bench.

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"Internal audit (IA) functions in medium and large entities are designed to focus on key risks facing the entity, the regulatory compliance issues, the mandatory audits such as that of internal controls and financial statements. Internal audit is an emerging profession that is more value added to the management than perhaps the attestation audits."

About Oversight Consulting

Oversight Consulting and Training is a Boutique consulting firms offer businesses and corporations’ highly specialized advice that addresses specific problems or aspects of a business or that provide services to specific types of businesses.

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