• Quality and Compliance

    Many unregulated businesses are starting to consider the internal audit function as an unparalleled value-enhancing tool which helps strengthen their internal operational core and ultimately lead to significantly ameliorated procedures.

Quality and Compliance

Despite the fact that many entities operate in relatively less regulated markets which at present do not directly impose the establishment of an internal audit function within their organisational set-up, many companies are becoming increasingly aware of the multitude of benefits that may be reaped from the appointment of an internal auditor tasked with the provision of independent and objective assurance on the implemented internal controls.

Whilst it is true that bolstered internal control frameworks adhering to the Institute of Internal Auditors (IIA)’s ‘Three Lines of Defence Model’ are generally found established in companies operating within highly regulated markets that legally necessitate it, the global prioritisation of risk identification and risk mitigation currently unfolding within the modern world (mainly due to increasing financial adversities) has come to truly distinguish the array of economies of scale which may be reaped once an independent and autonomous internal audit function is introduced within governance structures.

It is paramount to highlight that whilst the fundamental core of each internal audit function is uniform in nature, each audit activity may be tailored to the specific needs and requirements of the engaging entity regardless of its nature, size or business model.

The internal audit function can provide a customised solution to the potential risks identified throughout the course of the internal audit procedures and attain a holistic overview of the internal control framework implemented.

Despite there being little to no regulatory enforcement in this aspect for unregulated business, the risks and challenges that they face are often greater than those faced by regulated entities.

Thus, many unregulated businesses are starting to consider the internal audit function as an unparalleled value-enhancing tool which helps strengthen their internal operational core and ultimately lead to significantly ameliorated procedures.

How can BDO Malta help?

BDO Malta can be engaged as a specialised internal audit practitioner capable of guaranteeing the introduction of autonomous elements and capable of providing a distinct insight into the core operational framework of the engaging entities, employing a significantly varied approach to traditional in-house audit functions due to their undisputed independence from the operative fulcrum targeted.

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.

Want to know more?

Contact our Internal Audit team or fill out the form below

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