Internal audit has always been one of the cornerstones of corporate governance. The current economic environment, greater public scrutiny and increased globalisation, however, have all increased its profile – focusing the spotlight on quality and new risk-related considerations.
It is clear that Boards are now much more aware of the importance of understanding risk. Unlike external auditors, internal audit looks beyond financial statement risks, towards the wider issues that help businesses to mitigate the risks to which they are exposed. This means the strategic value of internal audit is greater that it has ever been.
How can BDO help?
Many organisations are struggling to keep pace with the changing regulatory environment and to identify, let alone manage, the complex risks they face. Tailored to your size, sector, risk appetite and the regulatory requirements that apply to your organisation, our consultants in Risk and Advisory Services can provide support through a fully-outsourced or co-sourced service or can supplement your existing skill set by providing specialist input. Our range of services also includes reviews of internal audit functions and internal audit start-up assistance.
Institutions for Occupational Retirement Provision IORP II
The IORP II Directive sets out standards in relation to an effective system of governance for Irish Occupational pensions schemes, as well as enhanced duties around member communications. For an overview of the requirements and how BDO can support your organisation, please download our IORP II brochure.
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Our specialist teams will help you to assess and increase your focus on:
- Governance structures: are they effective and fully integrated into your organisation?
- External Quality Assessment (EQA): has your internal audit function been independently assessed in the last 5 years?
- Existing risks: are you managing these, as well as your people, customers and key stakeholders, appropriately?
- Current regulations: are you complying with them and preparing for future requirements?
- Financial reporting: is yours robust, transparent and timely for business decision-making?
- Systems and processes: do they support the business in achieving its objectives?
- New risks: are you prepared for what may be over the horizon?