The role of internal audit (IA) continues to develop within the financial services sector. The key drivers behind this is an effort to embed practices in line with the CIIA guidance for the sector and to deliver the most value to stakeholders through assurance to the Audit Committee and practical improvement ideas to executive management.
One key area of change is the way IA reports. Traditional methods of reporting, i.e. findings and recommendations from the testing of controls over a period in time, is giving way to more forward looking and judgmental reporting across a range of areas, for example:
Practices vary across the industry, as would be expected from a principles-based requirement. Increasingly common is the annual assessment report, through which many of the above topics are covered through a more holistic assessment report to identify and present trends, themes and root cause analysis.
With our in-depth sector knowledge and deep systems and controls experience we are well placed to help support internal audit functions through these changes. We can provide internal audit services on a fully outsourced or a co-sourced basis, enabling you to achieve the right level of support for your organisation. Our internal audit teams have extensive experience of working in the financial services sector, but we don’t take your business model for granted. We begin every internal audit assignment by building a real understanding of your business. In this way we can focus out work on your key risks, applying creative thought to target our effort as efficiently and effectively as possible.
For further information, please contact Ian Gardner.