Our Services
GRC Internal Auditors provides both assurance and consultancy type of internal audit engagements that always incorporate a holistic approach to quality. In addition, it also provides services in setting-up the internal audit department and formulation of the internal audit universe within an organisation.
As per the International Professional Practices Framework (IPPF) standards an Assurance Engagement is an objective examination of evidence for the purpose of providing an independent assessment on governance, risk management, and control processes for the organisation. Assurance services involve the internal auditor’s objective assessment of evidence to provide opinions or conclusions regarding the entity, operation, function, processes, system, or other subject matters. Assurance engagements typically are the means by which internal audit seeks to achieve its objectives to enhance and protect organisational value by providing risk-based and objective assurance, advice, and insight.
A Consulting Engagement or Advisory service include a review of existing business processes and strategies, as well as implementations. It also includes evaluation and advise on policies, procedures, process enhancements, and any management requests reviews of areas considered mutually critical or completely new. Consulting engagements may be performed to advise management on how best to measure performance during the design of a performance measurement system. In a dynamic and changing environment, GRC Internal Auditors maintain forward-looking consulting services to provide education on and facilitate strong governance, risk management, and control processes rather than auditing controls that will change with new systems, processes, or organisational restructuring. In a consulting engagement, the internal auditor address risk consistent with the engagement’s objectives and be alert to the extent of other significant risks. The internal auditor maintain objectivity and does not assume management responsibilities during a consulting engagement.
An increased need to identify business process improvement opportunities and to enhance the reliability of mitigating controls against strategic, business, and other emerging risks trigger for the establishment of an Internal Audit department within an organisation. Having the establishment of an internal audit department within an organisation ensures compliance with regulatory requirements and leading practices for corporate governance as well as increased board’s confidence in the efficiency of business processes and controls. The organisational structure of an internal audit department varies with the form of an organisation and the nature of its business.
An internal audit universe is the collective grouping of auditable areas, units or entities that support the development of the internal audit plan and help to identify appropriate internal control coverage in a prioritized manner. The internal audit universe in a risk-based frame is not construed merely by operating entities. It besets the organisation’s strategic plan and the relevant controls that management has put in place to mitigate risks, meet organisational goals and objectives, and ensure customer needs are being fulfilled.