Risk-Based Internal Audit
Point assurance at the risks most likely to affect your objectives.
What We Do
Four steps, in order. Every engagement is adapted to your sector, size, maturity level and goals.
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Understand your risk landscape
We work with you to identify and assess the key risks facing your organisation, considering both internal and external factors.
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Prioritise audit activities
We develop an audit plan that prioritises audits based on the likelihood and impact of potential risks.
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Provide in-depth assurance
We conduct thorough audits of high-risk areas to evaluate the effectiveness of your controls and identify any weaknesses.
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Deliver actionable insights
We provide clear and concise audit reports with practical recommendations for strengthening controls and mitigating risks.
What It Gives You
By adopting a risk-based internal audit approach, you can:
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Optimise audit resources
Focus your internal audit efforts on the areas that pose the greatest risk to your organisation.
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Enhance assurance
Provide greater confidence to management and the board that risks are being managed effectively.
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Improve risk management
Strengthen your overall risk management framework by identifying and addressing control weaknesses.
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Drive value
Ensure internal audit is adding value by contributing to the achievement of organisational objectives.
A Tool For This Work
Combined Assurance Mapper
Records the assurance over each risk or auditable entity by line: first, second, third and external.
Open the Combined Assurance MapperIt runs in your browser. Sign in to keep a run in your workspace. A worked example comes with the tool.
What it gives back
- A coverage map across the four lines
- Assurance gaps and over-assurance
- A draft risk-based audit plan
- A sample size calculator
Work That Goes With This
Each has its own page, with the approach set out step by step.
All consulting services
Find the inefficiencies, bottlenecks and control gaps hiding inside everyday work.View the service
Business Process Analysis
Development and implementation of ERM frameworks that connect risk to strategy, decisions and performance.View the service
Enterprise Risk Management (ERM)
An objective baseline of your risk capability, and a roadmap for the next stage.View the service
ERM Maturity Assessments
A Proposal For Risk-Based Internal Audit
Fill out our enquiry form, call us or email. We reply with the details you need.