…and that they are being applied in practice.

Our specialized team offers an independent examination and evaluation of the activities of the entire business with the aim of ensuring:

• Strategic business objectives are being met
• Performance goals are being met
• Systems of internal control are effective and cost efficient
• Appropriate financial controls are in place
• Compliance with statutory legislation.

Our unique methodology
We have developed a unique seven-step program in order to ensure a cost-effective and efficient internal audit. The program comprises the following elements:

• Planning
• Risk identification
• Risk assessment
• Control identification
• Control adequacy evaluation
• Control effectiveness review
• Substantive review

We will produce a report that will give you assurance on the overall adequacy and application of the systems and functions reviewed. This report includes constructive and practical recommendations for improvements that can be implemented to strengthen the system of control and protect the business from risk.

We provide a range of internal audit services as follows:

Outsourced internal audit

A fully outsourced, risk based internal audit function. This enables the management team to focus their attention on the core operations of the business whilst ensuring it receives first class, independent assurance on the management of key risks. In practice the benefits of employing an external service provider include:

• Raising the profile, stature and effectiveness of internal audit within the organization;
• A cost-effective transfer of skills over time;
• The availability of additional internal audit resource as and when required;
• Implementation of leading edge internal audit practices;
• Access to a broader and deeper range of technical specialists;
• A cost-effective internal audit solution well adapted to coping with changing and/or emerging business risks;
• Access to our internal audit software tools, methodologies and intellectual capital;
• Overcoming the difficulties of maintaining and resourcing an in-house function and
• Dedicated resource which is not distracted at times of greatest stress on organizations.

Joint sourcing internal audit
For clients that already have an established in-house internal audit function, Grant Thornton partner with them to provide a range of joint sourcing services. Joint sourcing provides a number of benefits for our clients, whilst allowing them to remain in full control of their in-house function. Key benefits include:

• Provision of specialist input to the existing internal audit function so to enable a re-focus towards a risk based approach to internal audit;
• Access to our specially developed tools and methodologies;
• Support for the development of in-house staff through supervision, training and joint sourced audit teams;
• Provision of experienced internal audit staff to assist during heavy work periods and
• Provision of specialist skills to complement the core in-house team.

Establishing an in-house internal audit function
We also provide advisory and project management services for clients who are considering the establishment of an in-house internal audit function. Our service can include advice to:

• Assist executive management identify and codify the 'risk appetite' of the organization;
• Establish an internal audit charter and mandate consistent with the company's business strategy and its risk appetite;
• Ensure internal audit is fully integrated with the other risk management agencies of the company by advising on the most appropriate risk management architecture;
• Provide an interim head of internal audit to manage the transition from joint sourced to full internal in-house internal audit function;
• Assisting in the development of a strategic internal audit plan;
• Develop working and reporting methods, including reports to the audit committee;
• Provide innovative solutions for embedding risk management practices within the organizations.
  

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