Internal Audit

As we enter the 21st century, CEOs and CFOs are facing the most hostile investor and stakeholder audiences in decades. Investors, analysts and regulators are applying pressure on executives over poor business performance and questionable decisions. Board Audit committees operate under a new and far more intense spotlight. Captains of industry just cannot afford to conduct business as usual. Instead, they need deeper and more immediate insights into managing the risks and opportunities present in every aspect of their global operations. In short, corporate officers need to offer their stakeholders an assurance on effective corporate governance, and they need to do it continuously and with confidence.

Deloitte Internal Audit Services offers an important piece in this risk management puzzle. We will be pleased to guide you through the process of establishing an internal audit function or, if you have an internal audit function, let us help you extend its value by focusing on risk management and the quality of the work produced.

The Sarbanes-Oxley act requires that management develop and monitor procedures and controls that support making their required assertion about the adequacy of internal controls over financial reporting. Corroboration for management in the discharge of these responsibilities is a function of the proactive internal audit department. Their role and contribution in ensuring corporate compliance with Sarbanes-Oxley can be significant. Sarbanes-Oxley promotes risk management and governance processes within an organization over which internal audit should be in a position to provide assurance regarding the organization’s reliability and integrity of financial information, effectiveness and efficiency of operations, safeguarding of assets, and compliance with laws, regulations and contracts. An organization with an established internal audit function should be already well equipped to meet the challenge of good governance and transparency of internal controls.

What are the benefits for the company?

Many medium and large organizations have an internal audit department. This is a requirement for companies listed on some stock exchanges. Other choose to have an internal audit function because it is considered to be a valuable element of management’s control and adds to the organization’s credibility with investors and creditors. Organizations that do not have an internal audit function should give strong consideration to establishing one if their size, business type, source of capital and risk factors warrant it. The decision to establish an internal audit function should involve the CEO, CFO and the Board.

What Deloitte in CIS can offer?

The stakes are growing daily. Shareholders, analysts, and regulators have little patience for surprises and even less tolerance for unfulfilled promises or projections. Your board and audit committee may soon join in, if they have not already done so.

Let us show you how to quickly elevate internal audit to a more strategic and productive role. Whether you keep the internal audit function in-house or choose to streamline your operations by outsourcing to us, we can help you improve the quality of your internal audit output.

Our People

• Our internal audit services team is built up from highly experienced and respected internal audit professionals, including many who held senior internal audit positions in leading international companies. Their deep industry experience, as well as specialized skills in critical areas, will be a benefit to any organization who take a serious view on internal control and corporate governance.
• You will benefit from our participation in standard- setting bodies like the Institute of Internal Auditors.
• You can have confidence that the vast number of our consultants hold at least one professional internal audit qualification, such as CIA or CISA.

Unique Client Service Model

• Your specific needs and preferences direct how we apply our proven methodologies, tools, and continuum of services.
• Your organization’s strategic objectives and strategies serve as the guideposts for all of our work. The resources you need are available at the right time in the right place, proficient in language and culture, and adjusted smoothly as your priorities change.
• Clear communications underpin everything we do for your organization, enhanced through the innovative use of web technology.
• You and your stakeholders are involved every step of the way through direct interaction with our team and access to our exclusive Deloitte Online web-based collaboration technology.

Unwavering Focus on Quality

• Our work is second to none with regard to its independence, supportability, reliability, and timeliness.
• You can trust our exhaustive internal quality assurance processes and procedures.
• Our credibility both within our industry and among our clients is exceptional.

Risk-Based COSO Approach

• Our services align directly with the risk management needs of your board, audit committee and senior management.
• As part of Deloitte’s Enterprise Risk Services, we seamlessly integrate our internal audit services with a wide variety of risk management and IT capabilities to help you preserve existing assets and take advantage of future opportunities.
• We can help your internal audit department make the transition to a more strategic role in your organization’s risk management process.
• This comprehensive approach provides the coverage you and your organization require.

Value Orientation

• We identify process and systems improvements that can help you enjoy lower risk and costs, and improved revenue.
• We offer best practices, lessons learned, and many other value-added insights to help expand your organization’s knowledge capital.
• Our internal audit work often improves our clients’ overall risk management effectiveness and efficiency.
• Our clients always know that they can supplement their own staff with ours, particularly in areas requiring specialization - Key Sarbanes-Oxley contacts.

For further information, please contact Tatiana Belyaeva, Senior Manager or Pavel Morozov, Manager, by phone on +7 (495) 787 06 00 or by fax at +7 (495) 787 06 01.