Establishing or revitalizing an internal audit function | KPMG | OM

Establishing or Revitalizing an Internal Audit Function

Establishing or Revitalizing an Internal Audit Function

Helping you implement Risk-Based Strategies to turn potential disruptions into opportunities

Helping you implement Risk-Based Strategies to turn potential disruptions into...

The internal audit function used to focus on internal controls with limited attention paid to assessment or validation of internal organizational changes. Some smaller companies had little to no internal audit function. Most organizations now realize the need to establish or revitalize their internal audit function - focusing far beyond the traditional model.

Companies are recognizing the dramatic impact and benefit of an internal audit function that is agile, properly resourced, effectively managed, and aligned with company goals, which can improve risk management and control processes and drive better efficiencies.

Without an effectively established function that includes items often overlooked, such as a clear mission, communication plan and protocols, audit committees and management can lose confidence in the chief audit executive and the internal audit function.

With so much at stake, the right approach to establishing or revitalizing an internal audit function is critical to its success. Establishing a new or improved internal audit function requires understanding the interdependencies among a broader set of governance, risk, and compliance functions across the enterprise. That’s where IARCS can help.

How KPMG can help

Our extensive network of highly experienced Internal Audit professionals is committed to helping internal audit departments better fulfill their responsibilities to audit committees and executive management, preserving and creating value to the organization.

Our professionals, aided by proprietary tools and methodologies, assist organizations to move forward with the right approach to establishing and improving their internal audit functions.

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Governance, regulatory and compliance

Effective corporate governance encompasses board relations, internal control system, risk management, compliance management and internal audit.

 
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