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