Over the past few years, the internal audit function has shifted from a "gatekeeper" to a "value creator." Previously, internal audit merely kept businesses out of trouble; now, it is a tool for enhancing your operations. At BDO, our personalised, innovative approach stems from our desire to assist you in refocusing on business performance and creating long-term value.
BDO's Internal Audit Methodology: A Strategic Approach
The execution of the foundational internal audit activities
Primarily focused on our clients’ corporate governance framework, such a phase constitutes the review, development and establishment of the required official charters and a high-level assessment of our clients’ governance structures.
Formulation of the Audit Universe, Risk Register, & Internal Audit Plan
Once the functional basics of the primary stage are conducted, BDO oversees the designing and establishment of the formal registers and plans required for an optimal internal audit function.
Design and Execution of Individual Internal Audit Cycles
BDO’s standard internal audit methodology is in full conformity with the Institute of Internal Auditor’s published International Professional Practices Framework (IPPF) Standards. This methodology emphasises the meticulous design and execution of individual internal audit cycles. During the design phase, BDO's experienced auditors carefully assess the organisation's unique risks, controls, and objectives. They plan the scope, objectives, and approach for each audit cycle, ensuring comprehensive coverage.
Having set out the foundational core and understood our clients’ operational frameworks, individual internal audit assignments are designed and carried out to assess the implemented internal controls and outline areas for potential improvement to the Board of Directors and the Audit Committee. Feasible and tangible solutions are provided to enhance each business’ internal control framework and mitigate any existing risks in an effective and timely manner.
How can BDO help?
BDO’s hands-on approach to internal audit is a strategic value-adding asset which establishes clients’ third line of defence and provides assurance to the Board of Directors and the Audit Committee on the holistic efficacy of their business’ internal operating environment.
BDO Malta can assist companies through:
- full internal audit outsourcing;
- internal audit co-sourcing;
- external support of “in-house” internal audit functions; and
- specialised training on the internal audit function.