The IIA Board of Directors defines internal auditing as an autonomous and unbiased reassurance pursuit intended to add value and improve an organization’s end-to-end operations. Its primary objective is to help an organization realize its goals by implementing and executing a methodical, controlled approach to evaluate and enrich the effectiveness of its risk management, operational, and governance processes.
Why do you need to pursue a Value Assessment Review (VAR) of your internal audit function?
In recent times, companies have been confronted with an assortment of new challenges, such as increasing economic volatility, rising stringency in regulatory requirements, and rapid technological innovations. Bearing this in mind, auditing should be considered an ever-evolving process and not just a one-off supervisory event. It is one of the core elements of a good corporate governance framework. Since the audit committee and management may not be able to inspect all governance-related activities and processes, they rely on internal auditing as an independent and objective support function. However, if internal auditing teams potentially focus only on familiar processes and controls, this can often lead to sluggishness and allow discrepancies to creep in eventually. Therefore, it is paramount for organizations to have a periodic assessment of their internal audit function by external experts to ensure their long-term and sustainable success.
With Affility’s Value Assessment Review (VAR) of Internal Audit Function, we extend our internal audit function for business owners and internal audit teams to assure all stakeholders and certifying agents that their internal audit function is operating as intended.
Here are some of the considerations of internal audits that we keep in mind:
Our VAR of Internal Audit Function service addresses all of the above and allows our clients to address risks with an early warning sign to allow for effective re-alignment of processes and policies if required. An efficient review of the internal audit department’s functioning ensures that the internal audit controls and processes are working as desired at all times. We consider quantitative and qualitative factors as part of our VAR services, which ensures that you get a holistic view of the audit charter, policies, and procedures of your company with respect to the value that they are adding to the organization.
At Affility, we:
In addition to the above, we are keen to explore the role of how value-addition to internal audit can be increased through digitalization and automation, which can bring about stimulating changes in your operational processes and the auditing function.
Overall, the following are the steps that we follow:
At Affility, we believe in making your internal audit function a proactive value driver, instead of simply adopting a reactive approach towards the organization risk management.