Internal Audit Risk & Compliance Services

Internal Audit Risk & Compliance Services

To identify problems and propose corrective measures is the task of internal audit, which must closely cooperate with the management of a company.

IARCS provides strategic sourcing of internal audit; continuous auditing/monitoring; ER...

The establishment of an effective internal audit function is often hampered by a lack of experienced professionals with adequate technical knowledge and by incorrectly designed processes within the internal audit function. Additional barriers include insufficient cooperation with management, incorrectly defined requirements concerning the internal audit function, and communication constraints.

KPMG in Central and Eastern Europe's Internal Audit practice can help you overcome these issues and develop an internal audit function that will meet your needs whilst adding value.

1. Assessment of the internal audit function (KSPRint) entails:

Conducting an independent performance review of your company’s internal audit function, using our methodology KSPRint (KPMG Strategic Performance Review of Internal Audit)

Assessing the positioning, organizational integration, human resources and internal processes of your company’s internal audit function

Comparing the current state of the internal audit function with the industry’s best practice and proposing practical measures enabling you to close the gap between the current and desired performance of your internal audit.

2. Establishing/improving the internal audit function involves:

Helping you to design the framework of the internal audit function, tailored to the situation of your company and its risk profile

Supporting you in increasing internal audit efficiency by setting review indicators, unifying methodical approaches and modifying internal audit processes

Assisting you in selecting suitable candidates for the internal audit work, and helping with their training and further development.

3. Outsourcing and co-sourcing of internal audit Our professionals can:

Provide you with the full outsourcing or co-sourcing of internal audit services. During the implementation of internal audit projects you can rely on our advisors and utilize the support and knowledge base of an experienced external partner

Help you to raise the quality of your internal audit function through the combination of your internal auditors’ knowledge of the company and the independent perspective of our professionals

Help you to meet your capacity needs relating to unplanned audits

Offer you their professional experience in technically sophisticated areas such as IT/IS, financial risks or forensic services.

4. Major projects assurance entails:

Analysis of the project plan quality and project management arrangements prior to launch

Independent review of the fulfillment of contractual conditions by suppliers for individual project stages and/or for the completion stages

Assessment as to whether funds have been spent in line with the project plan and budget.

Potential benefits of our services

  • You will receive an objective and independent assessment of the current internal audit function.
  • The members of statutory and supervisory bodies can increase their requirements on internal audit and better assess its benefit for a company.
  • Improved communication and cooperation between particular components of the governance of your company – internal audit, risk management, security, compliance and audit committee.
  • Access to the professional know-how of our specialists in technically sophisticated areas.
  • You will receive guidelines as to how to set internal audit in accordance with tested methodology and approaches.
  • You will be able to select suitable candidates to work in internal audit and plan their development.
  • By setting effective risk management controls, you will be able to avoid possible losses and potentially decrease your costs.

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