Internal Audit Services

In establishing an Internal Audit relationship with BDO, our clients can expect flexibility, responsiveness and experience. Our approach promotes collaboration, leadership and support.   

Imagine an internal audit process: 

• Built upon routine meetings with your Chief Financial Officers, Audit Committees and Senior Management teams. Our goal is to establish seamless teaming with your organization. 
• That aligns resources and additional investments to fulfill these risk coverage needs. 
• With a methodology and framework that helps to manage your evolving risk profile in a cost-effective way to ensure consistency in approach, execution and quality, as well as your satisfaction with our services. 
• Using a methodology that is flexible and focuses on each client’s specific needs.  
• With an approach based on the widely accepted COSO 2013 Internal Control evaluation framework and IIA Standards.  

Our holistic approach to the internal audit process covers: 

• Internal audit outsourcing 
• Internal audit co-sourcing 
• Internal audit partnering 
• Quality assurance review 
• Process and internal controls advisory 
• Audit committee advisory 
• Continuous auditing and continuous monitoring 
• Data analytics for Internal Audit

Why BDO? 

• Reduce costs – Benefit from a custom process developed with your unique risk profile in mind. 
• Enhance compliance – Our approach adheres to a widely accepted framework for enhanced compliance. 
• Increase transparency – Key members of our team keep key members of yours involved in and apprised of every step of the process through regular meetings and clear communication. 

Want to drive external value from the inside out? Team with BDO.  

The primary objective of our approach is to evaluate an Internal Audit Department’s (IAD) conformity to The Institute of Internal Auditors’ (The IIA’s) International Standards for the Professional Practice of Internal Auditing (Standards) along with an evaluation of the extent of the IAD’s use of current successful practices and its program for continuous improvement. 

In addition to assessing the effectiveness of the IAD function and its conformance to the standards, we:  

• Identify opportunities and offer recommendations for improvement 
• Provide counsel to the CAE and staff for improving their performance and services and promoting the image and credibility of the internal audit function 
• Help promote and enhance internal audit’s role in both financial and nonfinancial areas, as well as assist with the expansion of its assessment, process improvement and related consulting activities 
• Assist IADs in their evaluation of enterprise risk, assessing organizational controls and including aspects of the governance process in the audit plans to help assure that audit activities add value to the enterprise 

Why BDO? 

• Evaluate conformity — Determine how your internal audit process compares to existing frameworks and industry standards. 
• Identify opportunities — See areas for improvement and seize opportunities. 
• Maximize the organization’s value of internal audit — Reap the full benefits of the internal audit process. 

Looking to revamp your internal audit process? BDO can help. 

At BDO, we help our clients challenge the status quo. Rather than simply relying on “last year’s approach,” our team of talented professionals helps companies simplify — and strengthen — their processes and controls to be efficient and effective, while focusing on the risks that matter to them most. 
  
We start by assessing our clients’ internal controls with a systematic, consistent approach, customized to their unique company and industry. By understanding your needs, we’re better able to identify gaps and recognize risk while finding opportunities for control improvement and optimization. Our process includes: 

• Identifying the existing controls universe and quantification of the costs, process impact and reliability associated with the operation and validation of those controls 
• Highlighting existing controls that mitigate and manage key risks, looking to leverage higher level and system controls and eliminate redundant, inefficient or ineffective controls 
• Redesigning, automating or implementing new controls to help increase efficiency and effectiveness 
• Collaborating with external auditors to gain agreement on recommendations for all control changes to help assure financial risks remain fully addressed and managed 
• Designing and implementing an oversight and reporting structure to monitor control effectiveness 

Why BDO? 

• Increase compliance — We welcome the input of external auditors, as it helps us address and mitigate financial risks. 
• Measure efficacy — Detailed oversight and reporting help monitor control effectiveness. 
• Refine processes — Data on existing systems inform changes that aim to optimize policy process and controls.  

Looking to simplify and strengthen your processes? BDO can help. 

BDO Knows Internal Audit. Our Risk Advisory Services team stands ready to help those in the internal audit function at public and private companies alike. Our team offers a deep understanding of industry issues, and we help clients design and implement global compliance programs, and drive results through internal audit.  

 As part of our dedication to the Internal Audit community, we’re happy to have delivered this complimentary educational series for more than six years. If you haven’t already, sign up to receive invitations for our Internal Audit Webinar Series today. BDO is engaged with the Institute of Internal Auditors (IIA) at all levels — locally, regionally, nationally and globally. Watch for us at IIA conferences and events and in IIA publications. 

Contact us today.