Recent high profile control failures and increased regulatory demands require organisations to gain independent and objective assurance over the effectiveness of internal controls and risk mitigation.
These pressures are amplified through:
- difficulties in attracting and retaining deep knowledge and specialist skills and the increase in recruitment costs this brings
- ensuring audit plans continuously align themselves to the ever-changing business risk profile
- demands to improve insight and efficiency by leveraging technological advances and industry best practice
- pressure to constantly prove the value of Internal Audit in times of cost reduction
What action should be taken?
For Internal Audit functions to be effective they require access to a pool of skilled and scalable resources, ready and able to assess and provide assurance around the full array of risks facing organisations today. Organisations need to:
- Determine whether the current in house capability is suitable for the changing nature of your company risk profile and future audit plan
- Leverage best practice and insight from across markets and industry sectors
- Challenge the audit plan and overall risk framework of the organisation
Building and supporting a specialist in-house team capable of delivering the level of assurance and insight required may not be feasible or cost effective for many organisations, so our clients look to us to provide such services.
How Grant Thornton can help
We offer co-source or fully outsource solutions to help our clients define their approach to auditing new areas such as transformation, major change programmes and culture, whilst providing best in class delivery assurance against the key risks impacting their business.
We work as a collaborative partnership with you through our senior, certified and experienced internal auditors, covering all aspects of an internal audit function, to deliver:
- Co-source internal audit, supporting existing teams with the provision of subject matter experts
- Outsourced internal audit, providing a comprehensive and best in class internal audit function
- One-off, independent assurance reviews including Board Effectiveness assessments
- Transfer of knowledge through bespoke training and on the job transfer
- Audit universe planning and challenge
- Quality Assurance
- Treasury Audit
- Model Audit
- Sarbanes-Oxley advisory and implementation
- UK SOX advisory and implementation