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Internal audit
In both favorable and challenging economic environments, an organization’s need for counsel, competency, and analytical skill remains high.
Deloitte member firms’ Internal Audit services help boards and senior executives better manage enterprise risks. We help organizations enhance the effectiveness, quality, and value received from internal audit (IA). Our broad understanding of risks and areas of operational improvement—particularly the nuances of specific industry sectors and markets—can help internal audit functions improve their performance and operating efficiency and bring value to their organizations.
Internal audit projects & cosourcing/outsourcing/loaned staff
Cosourcing is a flexible and collaborative approach to support existing internal audit organizations. We can help build on existing strengths while seeking to improve overall value. You maintain control and responsibility for the function while Deloitte provides advice, leading practices, and experienced professionals with industry and specialized capabilities.
In a full outsourcing arrangement, we serve as your organization’s internal audit function, while your chief audit executive or other senior executive retains overall control over internal activities. This provides the benefit of our global, methodical approach and access to professionals with experience best suited for each internal audit project.
Quality assessment review
The Institute of Internal Auditors (IIA) International Standards for the Professional Practice of Internal Auditing requires organizations to conduct an independent external assessment of their Internal audit function at least once every five years to appraise the quality of the operations. Deloitte’s Quality Assessment Services (QAS) go beyond the scope of the mandatory IIA quality assessment review and help take a strategic look at Internal Audit’s risk management and assurance capabilities across the organization. In addition to fulfilling the requirements of the IIA quality assessment review, Deloitte’s services focus on whether the IA function is adding value to the organization, as well as meeting the objectives and expectations of management and the audit committee.
Risk assessments for internal audit
No matter how capable the internal audit function and related staff, if they focus on the wrong risks, they may miss both potential problems and opportunities. Our Enterprise Risk Assessment for internal audit adapts the concepts of the COSO enterprise risk management integrated framework and combines it with our own methodology to create a more Risk Intelligent approach to internal audit planning. Using a five-phase methodology, we help our clients:
- Develop a business risk profile and risk response plan
- Identify potential impacts on value preservation and creation and areas of vulnerability
- Improve processes to better align the internal audit plan and resources with business strategy, risk responses, and potential concerns facing senior management and the board
- Understand leading risk management practices that can enhance strategic risk-taking for reward