Internal Audit

Due to the Ethical Standards for auditors, and the need to maintain audit independence, there are a number of restrictions on what other work external auditors can do for their audit clients, particularly where advisory services are required. One such area is in relation to the development of systems and controls within the business.

Internal audit functions provide organisations with valuable insight into their own policies, procedures, internal controls and compliance with applicable laws and regulations and positively contribute towards the effective oversight of management and those charged with governance.

How is internal audit different?

Internal audit enables us to combine our specialist audit experience with advisory services, giving us not only an opportunity to highlight potential weaknesses in systems and controls, but to be involved in putting financial processes, procedures and systems in place, or improving existing ones, to make a real difference in your business.

We thrive on providing positive outcomes to our clients and internal audit gives our audit staff the opportunity to build relationships with businesses on a more advisory level.

Working with your external auditors

Whilst the objectives for internal and external audit are different, there is the potential for natural cross-over in the work that these two functions perform. Where we conduct internal audits, we are pleased to communicate with and co-operate with your external auditors to make their audit as efficient as possible. Internal audit reports may provide an element of reliance to the external auditor on financial controls that have been included within the scope of the internal auditor’s work.

Internal scrutiny services to academy trusts

One particular area of specialism we have within internal audit relates to internal scrutiny functions required to be in place for academy trusts. This service enables us to utilise our significant experience and knowledge of academy trusts in assisting those organisations to navigate their highly complex regulatory environments. We work alongside Finance Committees to establish the main risks to which the academy trust is exposed and develop a program of work designed to mitigate and treat those risks.