The internal audit function plays a key role in assessing and reporting on an organization’s risk management, internal controls, and reviewing management information systems. Internal audit functions are seen as business partners, adding value to the organization beyond compliance.
Management of an organization with an internal audit function should have a general understanding of its role and contribution, with its audit committee able to confirm that the function is properly constituted, has the necessary resources, and operates professionally. Boards of medium to large organizations that do not have an internal audit function should assess the need at least annually.
Management within the Commerce, Industry and Public Sector industry (CIPS) operating in Luxembourg, need to understand the contribution of internal audit and to realize the best practices which can be implemented.
The Audit Committee is responsible for ensuring that management has implemented an effective system of internal control to manage the risks facing the organization. In larger and more complex organizations, an internal audit function can provide cost-effective and independent assurance that internal control is effective, provided that it has an appropriate role and mandate
.The following questions, together with related guidance, will put senior management in a position to understand what internal audit functions they need and what they may already have in place.
Deloitte is recognized as leader in internal audit services in Luxembourg. Through years of experience, we have developed an extensive expertise in a wide range of regulated and non-regulated industries such as transportation, public entities, healthcare, real estate, technology, research centers, and manufacturing.
Deloitte helps organizations to establish and improve their internal audit functions by supporting companies in: