AUDIT

Provide clients with reliable, objective, independent insights and assessments to improve their performance

Internal Audit services

Risks such as security, business continuity, application, and data integrity, heightened instances of or opportunities for fraud or abuse, and other issues such as local and international laws require internal audit functions to be more dynamic and competent and to have a larger and deeper talent pool at their disposal.

These professionals must have knowledge of the latest developments and challenges faced by organizations and should be able to react efficiently and effectively by adequately planning and executing internal audit engagements and reporting on this more complex, rapidly changing risk universe.

Due to dynamic risk environments, costs involved, and other factors, it is unlikely that the organizations may have invested in forming internal audit functions undertaking the risk-based audits or, where established, that the internal audit activity/functions may have the in-house capability to adequately address every risk their organizations or audit clients face.

Our clients gain benefits of internal audit outsourcing, co-sourcing or contracting that include but are not limited to the following:

• Guidance and support in establishing new internal audit functions/activities
• Quick start-up and execution by newly developed internal audit functions by applying already developed and tested methodologies and using modern audit tools
• A variable-cost arrangement rather than a fixed-cost function
• Access to a greater number and wider range of resources
• Potentially greater objectivity and independence
• Opportunities for continuous learning and improvement

What WE Provide?

internal Audit and Consulting Services to corporates, governmental entities, not-for-profit organizations, financial institutions, family business, real estate, manufacturing & more

Our specialized internal Audit services provided to organizations are optimal solutions in the form of specialized expertise and resources at an economical cost

Outsourced Risk-Based Internal Audit Services

Quality Assurance and improvement Program (QAIP)

Co-sourced Risk-Based Internal Audit Services

External Quality Assessment

Contracted
Internal Audit Services/ Special audit

Strategic internal
audit plan

Technology Audit &
Data Analytics Services

Trainings on Risk-Based
internal Auditing

Technology Audit &
Data Analytics Services

Outsourced Risk-Based Internal Audit Services

We provide support to boards and related committees by delivering the following services:The services offered may include:

We support senior management in achieving their business objectives and improving the internal audit function’s ability to address risks and meet their expectations by delivering IA Strategy and Risk-Based Internal Audit Plans

Conducting a risk assessment for prioritizing audit topics and the development of an annual audit plan

Conducting internal audits in accordance with the requirements of acceptable international internal auditing standards defined in the International Professional Practices Framework (IPPF) issued by the Institute of Internal Auditors
Conducting internal audits of specific departments or functions as per scope agreed with
managementEvaluating design and operative effectiveness of internal controls
Providing assurance on management of “key risks”, including effectiveness of mitigating controls

Co-Sourced in-house Internal Audit Services

We provide support to boards and related committees by delivering the following services:We provide the following types of Co-Sourced IA Services to our clients:

Our co-sourced arrangements often assist in the knowledge transfer process to
in-house established internal audit activities, functions, and resources.

Raising the level of competency of the function’s full-time employees.
Many companies may find that full or partial
internal audit outsourcing makes sense, is
cost-effective and provides significant short- and long-term benefits.

Contracted Internal Audit Services / Special Audit

We provide support to boards and related committees by delivering the following services:The contracted Internal Audit Services or agreed upon internal audit procedures component we offer covers the following:
Acting as a sub-contractor on big internal audit engagements
Assign professional expertise internal auditing staff to entities, to undertake internal audit engagements
Providing staff secondments (local or international) for an agreed period of time

Quality Assurance and Improvement Program (QAIP)

Business processes and technological changes are important phenomena in today’s world. The quality monitoring process must also keep pace as an organization grows and its internal processes change and evolve. To ensure consistent quality in this dynamic environment, an ongoing commitment to growth and improvement is essential.

The required elements of a quality assurance and improvement program (QAIP), as per the Institute of Internal Auditors (IIA) guidelines, include periodic internal and external assessments to demonstrate conformance with the IIA’s International Standards for the Professional Practice of Internal Auditing. In addition, a QAIP can provide evidence to the audit committee and management that the internal audit activity is efficient, effective, and adding value. It can also build stakeholder confidence and document a commitment to quality, leading practices, and the internal auditors’ mindset for professionalism.

External Quality Assessment

External Quality Assessment Covering:

Assessing the IA activity’s/department’s conformity to the Institute of Internal Auditor’s International Standards for the Professional Practice of Internal Auditing

Evaluating the IA activity’s/department’s efficiency and effectiveness in carrying out its mission (as set forth in its charter and expressed in the expectations of management)

Identifying opportunities to enhance the IA activity’s/department’s
management of resources and work processes, as well as its value to audit customers or auditee groups

Interviews and surveys

Review of internal audit processes and risk assessment methodologies

Review of working papers, audit plan

Review of reporting files and processes

Deliverables include quality assessment reports and/or presentations to audit committees or appropriate authority.

Internal Audit Manuals and SOPs

Our experts prepare and deliver internal audit manuals and SOPs for conducting risk-based internal audits (RBIAs). The manuals are prepared both for the industries’ in-house internal audit departments. RBIA manuals are prepared considering the requirements of the Internal Professional Practices Framework (IPPF) issued by the Institute of Internal Auditors (IIA).

Risk-based internal audit manuals and standard operating procedures (SOPs) cover the following phases of audits processes:

PlanningPhase – Strategic and operational
audit planning documentation
Execution

Risk-based internal audit methodologies, required formats of
working papers, templates, audit programs, checklists, monitoring and review methodologies, and use of suitable and preferred execution tool

Reporting

Formats of  periodic management audit reports and audit committee reports

Trainings on Risk-Based Internal Auditing

Risk-based internal auditing (RBIA) requires internal audits to be strategically and operationally linked to the business risk and assurance frameworks.

Our tailored course on RBIA will equip you with the knowledge and skills to plan, execute, manage and deliver the RBIA in an efficient and effective way.

At the same time, it will encourage you to think that auditing can be interesting and fun, despite what many might believe.

Benefits of attending the specialized training on RBIA

Trainings on Risk-Based Internal Auditing

Understandthe key concept of risk-based internal auditing
Consider

the knowledge, skills, and competencies required to deliver risk-based internal

Understandthe essential links between an organization’s risk management framework and detailed internal audit work
Understand

how a risk-based internal audit plan is developed, and gain practice in preparing the audit plan

Understandhow to execute the audit work and deliver results
Developanswers as to what processes and controls may be used to evaluate residual risk
Developrisk reporting skills

Trainings and Workshops on RBIA
The course uses a mix of presentations, quizzes and case studies to demonstrate the topics and develop your skills. Reference is made to the International Standards for the Professional Practice of Internal Auditing and International Standards on Auditing.
We provide case studies on the areas of:

Documenting and understanding of the businesses

Reviewing the risk framework applied in the businesses

Planning the
risk-based audit
assignments/engagements

Executing a risk-based internal audit assignment (by using suitably designed working papers)

Drafting the audit report with recommendations
(separate reports for audit committees and management)

Technology Audit & Data Analytics Services

Our technology team has extensive experience in helping companies develop and deploy advanced analytical tools that can turn unmanageable sets of data into meaningful information that not only supports compliance but also drives better decision-making and adds lasting value.
Our risk data analytics team has a deep understanding of technical disciplines such as data science and quantitative analysis, along with hands-on experience with many of today’s most advanced technology solutions. These technical strengths are reinforced by a solid foundation of industry expertise.
We offer the following types of Technology Audits and Data Analytics Services to our clients:

Technology Audit

• Assessing overall control environment
• Assessing overall risk assessment of cybersecurity processes
• Evaluating risk and controls designed and applied
• Aligning of cybersecurity processes with applicable regulatory frameworks
• Identifying security incidents response plan, program and related incidents
• Evaluating tools provided by third parties and their adequacy in maintaining controls

Data Analytics

• Reviewing data analytics services using different tools like ACL

Technology
Implementation
Support

• Identifying suitable technologies for businesses (especially accounting software and ERPs)
• Supporting clients in sourcing suitable technologies
• Providing business processes documentation services