Consultancy Services
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. The main areas of consultancy engagements are:
Advisory engagements are initiated by clients to receive actionable suggestions based on internal auditors’ independent perspectives and insights. Some of the advisory engagements that GRC internal auditors offer to their clients include assistance in the drafting of:
a) Internal audit policy and procedures manual
b) Internal Audit Charter
c) Audit Committee Charter
d) Compliance Committee Charter
e) Risk Committee Charter
f) Annual Strategic Internal Audit Plan
g) Business Plans
h) Strategic Plans
i) Other policy and procedure manuals
GRC internal auditors can also assist and support a company by conducting a gap analysis that is supported by recommendations that improve processes and controls.