Across the globe, organisations are facing increased competition, not only to sell their own products a reasonable price but also, for example, procurement of raw materials, employees, capital, etc. Organisations continuously must redesign themselves to ensure that their core business processes become more effective and efficient, including taking cost reduction opportunities and improving the delivery of quality goods and services.
The Challenges for Internal Audit
A strategically orientated and well-structured internal audit function can play a vital role in assisting the Board of Directors, Audit Committees and management in achieving these business challenges. Internal audit can add value by:
- Focusing on risk areas through the participation in corporate governance and risk management processes;
- Evaluating and recommending process improvement opportunities;
- Researching best practices and making recommendations for change;
- Monitoring the implementation of management strategic actions;
- Organising itself as a cost-effective business unit. When designing an internal audit function, strategy must drive tactics, not the reverse.
For many organisations, outsourcing some or all of internal audit is the most effective approach to achieving a high-performing internal audit function.
As one of the country’s well-respected boutique consulting firm, VERRACORP has the capacity to offer expertise in all specialist areas required for a full-scope internal audit. The breadth of expertise available within VERRACORP means we can structure our teams to give you the best mix of specialist skills and experience as they apply to:
- Risk-based audit planning
- Financial audit
- Compliance audit
- Operational audit
- Technology and project assurance
- Performance audit
Our service also supports boards, audit and risk committees, and executives in:
- Establishing a first-time internal audit function;
- Conducting an independent evaluation of internal audit functions;
- Providing audit and risk committee oversight, assurance and advice.
VERRACORP helps organisations effectively navigate business risks and opportunities—from strategic, reputation, and financial risks to operational, cyber, and regulatory risks—to gain competitive advantage.
We apply our experience in ongoing business operations and corporate life-cycle events to help clients become stronger and more resilient. Our market-leading teams help clients embrace complexity to accelerate performance, disrupt through innovation, and lead in their industries.
Please contact us today to discuss your internal audit needs.