



UNDERSTANDING OF INTERNAL AUDIT NEEDS
ASSURANCE ON
The adequacy of controls for reviews in scope
Adherence to policies and procedures
Robustness of organization’s risk management system
Integrity of financial and operating information
Statutory & Regulatory Compliances
Robustness of systems and process
Adherence to authority level matrix
IDENTIFICATION OF
Process Redundancies / Bottlenecks
Resource Optimization opportunities
Opportunities for cost reduction & process enhancement

INTERNAL AUDIT METHODOLOGY
PROJECT SCOPING

- Gaining detailed understanding of your organisation.
- Identification of key business processes supporting key service lines.
- Importance mapping of business processes with service delivery.
- Identification of business risks at process and organisation wide level.
- Organising risk workshops at to discuss key business processes and risk ratings to attain common understanding.
- Identification of operational / financial and legal processes to be audited (audit wish list).
- Discussion with management to prioritise audits
AUDIT EXECUTION

Detailed scoping for each audit in discussion with process leaders,department heads and FCs to identify key focus areas.
- Continuous discussion/ updates provided to management.
- Identification of issues, risks, implications, recommendations and discussion with process leaders.
- Benchmarking of processes with leading business practices.
REPORTING

Providing detailed audit issues and supporting evidence (including discussions) to process leaders and management for management comments.
- Organising audit closure workshop with process leaders,department heads and CFO to discuss audit issues, rating and recommendations and attain common understanding.
- Submit final audit report to process heads and audit committee.
- Formation of recommendations implementation roadmap in consultation with management.
- Summary reporting to auditcommittee and presentation.
- Obtain feedback.
IMPLEMENTATION SUPPORT

Submission of formal report to management for implementation phase out plan.
- Deliberation of key implemented points.
- Support in feasibility /cost assessment.
- Buy In from senior management.
- Development of project plan for implementation.
- Implementation phase.
- Project Management support during implementation.
- Post Implementation audit.
- Monitoring effectiveness of redesigned processes and recommending changes wherever required.
Deliverables
