Getting the most out of internal audit
The shape of internal audit can be quite different for different organisations and increasingly for larger charities or those with established internal audit reviews of financial systems and controls is no longer required.
I was appointed as internal audit partner to an international education charity where the focus of the internal audit function was purely financial reviews. I conducted a risk assessment through meeting with members of the Audit Committee, the Board and Management and a review of the risk register and key policies and procedures, which enabled me to identify the key areas of risk and prepare a three year internal audit plan. It was established that while the financial reviews added some value most of the reviews carried out after appointment were of a non-financial nature as these addressed areas of greater risk to the charity and included governance and risk management.