Cherry Cromarty
Partner, Digital & Risk Advisory Services
Organisations and businesses rightly face intense scrutiny of their corporate governance. They must be able to demonstrate that their corporate responsibility and their approach to risk management are robust and transparent. These responsibilities are made more onerous by the changing regulatory environment and the fast evolving nature of the risks they face. Management teams and boards cannot afford to be reactive or allow risks to go unmonitored and unmitigated.
Internal Audit has always been one of the cornerstones of good governance and should play an important role your organisation’s governance processes. Internal Audit looks beyond financial risks and statements to the wider issues that help your business navigate through the potential minefield of risks to which it is exposed.
Internal Audit is key to the management and mitigation of risk. It provides assurance over your most fundamental internal controls, by helping to detect and prevent fraud, and by monitoring compliance with organisational policy, corporate governance codes, regulation and legislation.
How we can help you with Internal Audit
BDO's Internal Audit Service offering is designed to bring ideas and innovation to your management leadership teams and Board, helping to achieve business goals.
For large and small organisations alike, we design and operate tailored internal audit functions – from conducting a thorough assessment of risk across the organisation and reporting findings to management, the board, and other stakeholders to designing strategic internal audit programmes. We work with your management to identify issues, implement tailored solutions and put the most appropriate controls in place.
Regardless of your industry – or whether an internal audit department already exists – we create a framework individually suited to meet your organisation’s needs, working in partnership with you to create the right internal audit solution.
We take a Partner-led, hands-on approach. We take the time to understand your culture, your business and your strategic goals. We can also draw on the expertise of specialists in BDO’s international network of almost 9,000 people working in 167 countries. Our services include;
- Internal Audit Partnering – outsourcing or co-sourcing
- External Quality Assurance (EQA) Review
- Audit Committee Advisory
- Establishing internal audit functions
- Continuous Auditing Monitoring
- Data analytics
Internal Audit and Technology
Advances in technology are changing business models and disrupting entire industries. Technology is improving productivity and driving innovation.
Organisations must draw on expertise to ensure the right technology risks are identified and related controls assessed, including cyber security, changing data privacy agenda, growing technology resilience dependencies, challenges with implementation of digitalisation across the business. The risks associated with such solutions are significant, and if not addressed can result in severe impacts on operations with associated adverse reputational impacts, costs, and in some instances, regulator intervention.
We can help your internal audit department be proactive and trusted advisors to senior management and your board on these developments and the emerging risks. Whether it is advanced analytics, robotic process automation, continuous auditing, or continuous monitoring, our team provides you with services that are right for you.
Heads of Internal Audit Newsletter
Every quarter, experts from our Risk and Advisory Services team write on issues affecting internal audit professionals. The articles provide Heads of Internal Audit as well as Internal Auditors with relevant insight covering topics such as risk management, internal controls and governance.