Internal Audit and Assurance
In today's business, which is characterised by change, complexity, and, on occasion, catastrophic crisis. An expanding risk landscape is placing unprecedented pressure on boards and senior management who need to stay on top of current and emerging risks, for which they require increasingly specialised Assurance. Internal Audit is emerging as a key means of giving boards the confidence they need to meet these demands. Internal auditing is defined as, an objective assurance and consulting activity designed to add value and improve an organization's operations. It can help an organization accomplish its strategic objectives by bringing a systematic, disciplined approach to evaluating and improving the effectiveness of risk management, control, and governance processes. BAI help the boards and senior executives to better manage enterprise risks, as well as helping your organizations to enhance the effectiveness, quality, and value received from internal audit (IA). Our broad understanding of risks and areas of operational improvement – particularly in your specific industry sectors and markets – can help internal audit functions to improve their performance and operating efficiency and bring value to their organizations. We provide both Outsourced and Co-sourced internal audit solutions.
Internal audit outsourcing: Our outsourced engagements are recurring in nature and comprise the performance of all internal audit activities including the annual planning, execution of the annual plan, and reporting to management and the audit committee. Under an outsourcing arrangement, we can act as your chief audit executive (CAE). While under co-sourcing engagements, we assist the clients by performing some percentage of the total annual internal audit hours for an organization. Internal audit effectiveness reviews (QARs) – The Institute of Internal Auditors (IIA) International Standards for the Professional Practice of Internal Auditing requires companies to conduct an independent quality assessment of their IA function at least once every five years.
- Setting up an internal audit function
- Consulting & Advisory Services (current and proposed operating policies and procedures and changes in the system of internal controls such as system development and implementation, financial and operational processes, and process improvement).
- Reviews of the corporate governance systems
- Risk management systems reviews
- Developing internal audit coverage plans
Specialised Performance and Value for Money Audit
(Economy, Efficiency & Effectiveness)
Our performance audits services, is aimed at assessing the activities of organisations or agencies in order to determine if available resources are used with due care through economical efficient and effective means. Our performance audit deals with any aspects of an organisation’s effectiveness, economy, efficiency or compliance with relevant legislation, while compliance audit seeks to confirm that specific legislation, directions and regulations have been adhered to by public sector agencies.
Our audit process begins with the planning phase that identifies the issues to be examined, timing, objectives, approach to be used and the resources required, followed by the systematic gathering, analysis and testing of information. Information obtained is evaluated to develop conclusions and make constructive recommendations as required, and finally perform a follow-up reviews.