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Our IA group in Hong Kong and around the world are regularly asked by companies to provide an independent review of an existing internal audit function.
The scope and benefits of such a review include:
- Clarify and validate stakeholders' expectations of internal audit.
- Assess current internal audit structure, methodologies, resources and capabilities in light of value expectations.
- A periodic independent review is required for an internal audit function to comply with the Standards for the Professional Practice of Internal Auditing (SPPIA) issued by the Institute of Internal Auditors.
- Identify opportunities to improve internal audit capabilities and processes.
- Develop actionable strategic plans to align internal audit with corporate goals.
The level of detail required in these reviews ranges from a high level "health check" to a full benchmarking exercise, using databases to compare one IA department with real examples of IA functions around the world.
Strategic Performance Reviews Methodology
Typical reasons for this service:
- Concerns about the quality and effectiveness of an internal audit team.
- Required by the SPPIA - at least once every 5 years.
- Looking for ways to reduce the cost of an internal audit function.
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