Internal Audit Advisory

Description of Purposes and Deliveries of the service ?

The main purpose of the service is to support the clients to set up / or renovate their own in-house internal audit department.

Deliveries of this service may include:

• Developing the Internal Audit Manual, Policies and Procedures, etc.

• Developing the Internal Audit Charter

• Developing the Risk Based Audit Plan

• Developing the templates for the execution of fieldwork, e.g. audit program, test-papers, audit report, follow up audit report

• Provision of internal audit staff for the initial audits until the client manages to hire an in-house team.

Who are clients of the service?

Clients of this service are any companies who wish to set up their own in-house internal audit department.

How is the service delivered?

The service is delivered through the following steps:

• Kick-off meeting: We need to meet up with the client’s representative to determine the scope of services or specific assistance that they require and then tailor our approach or services accordingly.

Besides, we make it clear with the client about schedules, cooperation mechanisms, responsibilities of each party.

• Fieldwork (at clients’ offices): We observe and research documents to obtain understanding about the client’ structure and processes. We then have interviews with related personnel of the client to verify their needs and functions.

• Prepare products: We will prepare products as agreed with the client and then send them to the client for review and comment. Meetings will be followed to explain further about the products. The products may include: Internal Audit Manual, Policies and Procedures, Internal Audit Charter, Risk Based Audit Plan, Audit program, Test-papers, Audit report, Follow-up audit report,….

• Provision of internal audit staff for the initial audits until the client manages to hire an in-house team.

We perform our work by using the International Professional Practices Framework (IPPF) issued by the Institute of Internal Auditors, Inc. and the COSO Internal Controls Framework as guidance.

How long does the service take?

It depends on the scope of work and responses & cooperation from the client.