Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organisation's operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

Three key areas underpin the focus of internal audits:

• Efficiency and effectiveness of internal procedures.
• Quality and reliability of internal management reporting.
• Compliance with external and internal policies and procedures.

Commonly an internal auditor reports to the Audit and Risk Sub-committee rather than the full governing body.

WHY OUTSOURCE AN INTERNAL AUDIT?

Many organisations are simply not large enough to retain an internal auditor, so we provide a sensible alternative.

• Audit and Risk Sub-committee has access to qualified and experienced Independent Audit professional advisor.
• A planned cycle of internal audit reviews can be developed.
• Independence is assured by using an external resource.
• The greatest potential "value adding" assurance function available.



APPLICABLE STANDARDS

As members of the Institute of Internal Auditors we adhere to the ethical requirements of the Institute of Internal Auditors (IIA) and adopt the IIA generic approach to internal audit assignments.

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