Internal Audit acts as a ‘wrapper’ for a wide range of skills and specialities providing assurance to Management and the Audit Committee over the design and operation of controls over business processes. This covers not only financial processes but all areas of a company’s operations including operational processes, outsourcing, management of third parties, support functions and IT.
With a global Internal audit practice comprising more than 10,000 Internal Audit, IT Audit and Risk Management professions in more than 140 countries across the world, Deloitte is the leading provider of professional services to the Internal Audit sector. In the UK alone our dedicated Internal Audit team consists of over 400 professionals.
Our two main services in support of audit functions are:
Internal Audit functions can range from ‘one man’ in-house teams to dedicated departments of risk specialists depending on the size and nature of the company and their business process assurance requirements. The nature and remit of the Internal Audit function will be determined by the Audit Committee and Senior Management team.
Our teams contain assurance professionals and experts with the skills and experience to support Internal Audit functions in whatever form is needed, be it through staff secondments or full outsource arrangements. Clients often assume that using an outsourcing provider will be more expensive than their existing in-house options. In fact, we generally find that we can reduce costs for clients through the outsourcing of their function to Deloitte.
The Internal Audit function is staffed in-house with ad hoc requests to Deloitte for staff to work on secondment to their team, which are driven by resource constraints and skills requirements.
This model involves a partnership with Deloitte and provides an organisation access to our Internal Audit professionals to satisfy specialist requirements or expand existing staff with on a flexible basis.
In this case we can provide an entire Internal Audit team that provides assurance over the full range of risks across the organisation allowing them to focus on their core business.
Deloitte has the skills and extensive experience to help organisations to carry out a robust and independent review of the Internal Audit function and assist in the implementation of improvement recommendations. Our reviews typically go beyond the IIA standards and also focus on how to improve the strategic positioning and effectiveness of the audit function.
Our proven methodology for these reviews focuses on five key themes:
We typically work with the Head of Internal Audit and the Audit Committee to provide concise and useful feedback on the Internal Audit function and work collaboratively to develop realistic action plans for further improvement.