INNOVARE currently provides specialist internal auditing services to clients through our various integrated business units namely:
Internal audit activity set-up:
We can help you to build an effective internal audit function that supports your strategic objectives and supports the realization through truly adding value to your organisation. Within a couple of months, our highly experienced internal audit professionals can have your internal audit function up and running. We have developed a Quick Start service which includes understanding your organisation’s expectations and perceptions of internal audit, and designing a function that meets your needs, budget and organisational culture.
The components include:
- Internal Audit Mission and Charter
- Development of a risk-based strategic audit plan
- Staffing model options with complete job descriptions
- Infrastructure recommendations (methodology and technology)
IT Audit Services
Business performance relies upon the controlled operation of information technology. At the same time, an organisation is constantly challenged with an increasing number of information technology risks including security threats, deviation from business rules, regulatory and legislative compliance and unexpected disruption to system availability. Management looks to Internal Audit to provide assurance that appropriate controls are designed and operating effectively to manage these technology risks, both today and in the future.
Our IT audit services help our clients answer the following questions:
- What are my significant IT risks and what is being done in the organisation to address these?
- How good is my security and does it fit together in an efficient and cohesive manner?
- Can I trust the integrity of information being used to make business decisions?
- Will my systems and information be available when I need them?
- Are applications being developed, implemented and maintained in a well- controlled manner?
- Are third party outsourcing partners meeting service level and control commitments?
Internal audit activity review and enhancement
The Institute of Internal Auditors (IIA) Standards require a periodic external assessment of internal audit activity to appraise the quality of the operations. Our internal audit activity reviews look at internal audit’s ability to help an organisation achieve business objectives and strategies. We help clients measure the quality of their internal audit activity to ensure and sustain its value to the organisation. In order to achieve this we review the policies, procedures and structure of the activity, the methodology and approach used and the people who provide the internal audit service. We also review the performance relative to plans using relevant indicators as well as adherence to professional standards and best practices.
Strategic audit plan development
Organisations are increasingly looking to risk assessment as a way to identify and assess risks either across the organisation as a whole or within specific aspects of the business. For internal audit departments, risk assessment is a key element in the development of the annual risk-based internal audit plan. The proper identification, prioritization and sourcing of key organisational risks is critical to ensuring that internal audit resources are allocated to the areas that matter most. Accordingly, we help our clients design risk-driven internal audit plans that are needed to reach specific objectives of management or boards of directors. This typically entails defining the audit universe, prioritizing audit activities and recommending a schedule of audits to be performed.