Driving value from the inside out
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, & 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
BDO’s standard internal audit methodology is in full conformity with the Institute of Internal Auditor’s published International Professional Practices Framework (IPPF) Standards.
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 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.
How can BDO help?
BDO Malta can assist companies through:
- full internal audit function outsourcing;
- internal audit function co-sourcing;
- external support of “in-house” internal audit functions; and
- specialized training on the internal audit function.
Get in touch with our Internal audit Team: