Internal audit functions are faced with an increasingly challenging external environment driven by on-going regulatory change, macroeconomic factors and a competitive environment.
Set against this background, Internal Audit departments face pressure to deliver effective and timely audits that meet the Boards’ and regulators’ expectations.
Internal audit departments are responding in varied ways such as cross training resources, co-sourcing subject matter expert teams and through introduction of a new balance between real time auditing vs. post-implementation audits.
INTERNAL AUDIT CO-SOURCE
1- Seconding consultants with a generalist banking Audit background to address short to medium-term resource gaps;
2- Seconding Subject Matter Experts to deliver specialist Audits alongside clients' in-house teams;
3- Delivering specific Audits or series of Audits as stand-alone engagements External Quality Assurance (EQA) & Methodology Enhancements;
4- Formal EQA to assess effectiveness of Internal Audit function;
5- Pre-EQA Review to highlight and address any areas of weakness outside of the formal EQA;
6- Methodology enhancements, for example utilising our Auditing Culture methodology.
7- For additional details on issues that are impacting Internal Audit departments please follow this link to read our view of possible approaches and solutions.