Today’s senior executives and audit committees are using the internal audit process as a way to not just assess quality, but to drive value throughout the entire organization
Effective corporate governance, risk management, and internal control are increasingly in the limelight. Banking disasters, economic hard times and high profile corporate failures have led to increased scrutiny and greater pressure to comply with accepted good practice for all of us.
However, it's not just about compliance. When carried out effectively, these key processes not only prevent disaster but also do much to enhance performance. That is why the most successful, established organisations are those that manage risk, internal control and governance remarkably well.
Investors and creditors increasingly expect companies to implement sound corporate governance policies, along with strategies for managing risk. In some quarters internal audit is still adjusting its focus to help companies meet these needs. What is clear is that it is now a fundamental source of assurance for the Audit Committee as never before. What's more, senior management is increasingly more aware of the need for governance, risk and compliance and its value in shaping the internal control framework.
Although, internal audit function has become a pillar of internal control and prudential supervision for regulated entities as banks, professional from the financial sector (PFS) and Alternative Investment Fund Managers (AIFM), on which the Commission de Surveillance du Secteur Financier (CSSF) pays a particular attention. In this context, setting up a well-proportioned and efficient internal audit function is vital in order to support all of the organisation’s stakeholders in fulfilling their increasing responsibilities in terms of governance and control.
Internal Audit has always been one of the cornerstones of good corporate governance. However, increased regulation, greater public scrutiny and increased globalisation have seen the importance of an effective internal audit function enhanced at Board, Audit Committee and Executive level. There may be signs that that global financial crisis is behind us, but boards require assurance that lessons have been learned and that control frameworks have been enhanced. Furthermore, management are increasingly looking to Internal Audit for advice over control frameworks as an integral part of driving value from their business.
For large and small businesses alike, we design appropriate internal audit functions. We not only identify issues, but we work with management to implement tailored solutions and put the appropriate controls in place.
Regardless of a client’s industry, BDO creates a framework individually suited to meet each company’s needs. We also offer our clients local resources backed by a global network of professionals around the world.
We offer the full spectrum of internal control assurance requirements
OUR KEY AREAS OF EXPERTISE:
> Internal Audit Effectiveness and Improvement
> Bespoke internal control reviews