We can provide support in the different steps involved in creating the internal audit function, such as:
- Advice and talks to senior management on the need and understanding of an internal audit function.
- Preparation of the internal audit statute.
- Business risk assessment.
- Preparation of the internal audit strategic plan, which includes the preparation of the internal audit plan, estimation of plan hours, necessary resources for its execution, infrastructure and budget of the department.
- Results measurement.
The internal audit function comprises a department, division, consulting team, or other practitioners that provide independent, objective assurance and consulting services designed to add value and improve an organization’s operations. The internal audit activity helps an organization meet its objectives by providing a systematic and disciplined approach to assessing and improving the effectiveness of risk management, control, and governance processes.
In this sense, the internal audit function represents in an organization the main support to the audit committee, the board of directors, shareholders or those who run the business, for an adequate administration and continuous monitoring of the risks that may prevent the fulfillment of the business objectives, through the execution of an internal audit plan which includes the review of the critical business areas and processes. The internal audit function monitors compliance with internal controls designed by management, additionally adds value to the organization by giving recommendations to correct internal control weaknesses and to improve the effectiveness of processes.
The scope of the department’s work of the internal audit function is determined by its mission, which ensures the following:
- Risks are appropriately identified and managed.
- Significant information on financial, administrative and operational aspects is accurate, reliable and timely.
- Employees act in accordance with policies, procedures and regulations.
- Acquired resources are used and protected efficiently.
- Programs, plans and objectives are achieved.
- Quality and continuous improvements are an integral part of controls.
- Significant legal or regulatory issues that impact the organization are recognized and addressed appropriately.