Internal Audit Services
BDO’s standard internal audit methodology is in full conformity with the Institute of Internal Auditor’s published International Professional Practices Framework (IPPF) Standards.
In today’s turbulent financial landscape, the modern economy’s fast-paced technological evolution, open-ended infrastructure and sustained globalisation efforts are allowing businesses across all industries to grow exponentially and capitalise on unprecedented market opportunities, even when faced with unforeseeable socio-economic downturns and noteworthy increases in regulatory obligations imposed by national Regulatory Bodies.
Such growth and global development are becoming increasingly likely to render businesses vulnerable to a wide array of jurisdictional and operational risks of varying magnitudes, amplifying the need to implement adequate risk mitigation policies and bolster their established internal control framework.
Identifying such a crucial requirement for all active firms within the international markets, BDO strives to offer a multitude of qualitative internal audit solutions tailored to each client’s needs and requirements; be it tackling the challenges faced by firms operating in highly regulated industries to outlining and addressing the cross-dimensional risks hindering multinational corporations offering their services within a multitude of jurisdictions.
The designed internal audit solutions may be effectively implemented regardless of our level of responsibility and autonomy as our clients established internal audit function, whereby BDO offers both fully and partly outsourced solutions. Whilst the latter solution is typically implemented in instances where clients make use of in-house internal audit departments, the former is eligible for utilisation whenever clients opt to rely on us as the sole (and thus fully outsourced) internal audit function.
BDO’s standard internal audit methodology is strategically set out over three distinct phases as follows:
1. 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.
2. Formulation of the Audit Universe, Risk Register, and 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.
3. Design and Execution of Individual Internal Audit Cycles
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.
Overall, BDO’s excellent hands-on approach to its internal audit services 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.
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