Redefining internal audit in local government.
“The case for excellent internal audit is never stronger than during a period of financial austerity”, Tim Cutler, Audit and Assurance Partner, KPMG in the UK.
Internal audit represents one of the key sources of assurance for local authorities throughout the country. Alongside external audit and other sources of assurance, internal audit provides management with an assessment of the effectiveness of governance and control arrangements. It’s this internal audit which enables them to make informed decisions and develop action plans to deliver improvements where necessary.
Holding a number of interviews with finance directors and heads of internal audit, this report highlights areas where there is potential to redesign delivery models in order to increase the value internal audit providers can add to their clients.
Key themes emerging from this report include: