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home Services Internal Audit

Internal Audit Function Quality Assessment and Transformation​

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Our Internal Audit Function Quality Assessment service is designed and tailored to assist organizations in conducting a comprehensive and objective evaluation of the effectiveness of their internal audit function. The primary objective of this service is to ensure that the internal audit function not only complies with international professional standards (IPPF 2017) and local legal regulations in Vietnam, but also aligns with the specific operational characteristics and strategic requirements of each organization.

Service Approach

Assessment Planning:

  • Define the scope of the assessment, encompassing all aspects of the internal audit function, such as organizational structure, audit methodologies, processes, technologies, and staff competencies.
  • Collaborate with relevant stakeholders to align on objectives and establish a detailed assessment plan.

Information Collection and Evaluation Execution:

  • Review key documents, focusing on audit strategies, processes, and methodologies.
  • Conduct interviews with stakeholders, including the Board of Directors, Executive Management, and functional departments, to gain insights into operational challenges and performance outcomes.

Benchmarking Against International Standards:

  • Compare current internal audit activities with international professional standards (IPPF 2017) and Vietnamese legal requirements to assess compliance and identify gaps for improvement.
  • Evaluate the effectiveness of the approaches, processes and tools used in internal audit activities.

Proposing Improvements and Developing a Transformation Roadmap:

  • Deliver tailored recommendations aimed at enhancing the efficiency and effectiveness of the internal audit function.
  • Develop a comprehensive improvement roadmap aligned with the organization’s development strategy and objectives.

Reporting:

  • Issue a detailed assessment report, including specific recommendations for improving the internal audit function.

Service Process

Service Implementation Steps

Step 1: ​Initial Discussions​
  • Conduct in-depth discussions with the client to understand project objectives and align on essential requirements and timelines.
  • Identify support needs, alignment with assessment processes, development strategies, and internal audit function enhancement.
  • Prepare necessary documentation and agree on key aspects.
Step 2: Develop Assessment and Transformation Plan​
  • Based on information and documents provided by the client, we will develop a detailed assessment and transformation plan, including defining evaluation criteria, assessing current status, and determining the transformation capacity of the internal audit department.
Step 3: Execute Assessment Activities (at Client’s Site)​
  • At the client’s site, our experienced team will implement detailed assessment activities per the agreed plan.
  • The process includes reviewing processes, conducting interviews, evaluating resources and internal audit team capabilities, and comparing current activities against international standards and best practices.
Step 4: Present Findings and Improvement Recommendations​
  • Upon completing the assessment, we will compile and present detailed findings and proposed improvement solutions to management levels.
  • This presentation may be delivered through detailed reports or formal meetings, depending on client preference.
Step 5: Issue Final Report and Support Implementation​
  • We will draft and submit the final assessment report, including recommendations for transformation, for client review.
  • After receiving feedback and approval, we will finalize the report and provide ongoing support during the transformation process to ensure the most effective implementation of the proposed improvements.

Service Execution Timeline​

Typically, we aim to complete the service within 4 – 6 weeks for most cases. For urgent cases with tight deadlines, we implement special measures, such as mobilizing additional resources, adjusting processes and procedures accordingly, and requiring active cooperation from the client.

The timeline for completing the service largely depends on the scope of work, feedback, and cooperation from the client (including stakeholders such as suppliers, customers, lenders, and investors).

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We provide services to enterprises across Vietnam. Should you want a meeting set-up, quotation, proposal or feedback
Contact here