Internal Audit

Uncertainties created by economic downturns, corporate failure, organisational restructuring and regulatory changes have all added to the responsibilities of Board Directors, with Non-Executives and Audit Committee members seeing expectations of their roles increase more than most. The assurance provided by a professional internal audit function is therefore more valuable than ever.

Boards, Audit Committees and senior management are always looking for fresh perspectives, added value and objective assurance and insights on the effectiveness and efficiency of governance, risk management, and internal control processes from its internal audit function.

Governance

A professional, well-resourced internal audit function is an integral and necessary part of an effective corporate governance framework. Internal audit is one of the four cornerstones of good governance alongside the Board, executive management and external audit functions.

At Forvis Mazars, we focus on those key elements of governance that are applicable to any business model and believe there is not just one structural model that is optimal for everyone, everywhere.

Forvis Mazars Internal Audit and Advisory will:

  • Identify areas of greatest risk and provide assurance on the effective management of these risks
  • Keep the audit committee abreast of the status of key areas
  • Provide the board with added value through strategic insights, business improvement recommendations, and general business perspectives

At Forvis Mazars we go beyond the traditional internal audit fundamentals and add tangible value by reducing exposure to unpleasant surprises. We make practical recommendations when weaknesses are identified and follow-up to ensure the result has effected real change to prevent small problems becoming big ones. This contributes to a robust corporate governance process.

Whether improving, outsourcing or supplementing an existing internal audit function, or implementing one from the ground up, we have the knowledge to elevate internal audit to an even more important strategic and productive role.

Our team of professionals, with experience across major industries and disciplines, is transforming internal audit into a first-class function that fits the business environment of today.

Our Services

Internal Audit is designed to add value and improve organisational operations. It helps accomplish business objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. Forvis Mazars Internal Audit and Advisory performs a variety of services, including:

  • Internal Audit Outsourcing and Co-Sourcing
  • Evaluation of Internal Audit Functions
  • Risk Management Implementation and Advice
  • Corporate Governance Evaluation and Support
  • Project Governance
  • Board and Committee Evaluations
  • Public Finance Management
  • King III – evaluation and advice regarding implementation
  • Companies Act Implementation and Guidance
  • Performance audits

Committee of Sponsoring Organisations (COSO)

Forvis Mazars Internal Audit follows the Committee of Sponsoring Organisations (COSO) control model. This model includes focus on:Expectations for governance oversight

  • Globalization of markets and operations
  • Changes and greater complexities of business
  • Demands and complexities in laws, rules, regulations and standards
  • Expectations for competencies and accountabilities
  • Use of, and reliance on, evolving technologies
  • Expectations relating to preventing and detecting fraud
  • Internal Objective Setting
  • Event Identification
  • Risk Assessment
  • Risk Response
  • Control Activities
  • Information and Communication
  • Monitoring

Why Choose Forvis Mazars Internal Audit?

At Forvis Mazars our aim is to assist our clients in realising their objectives by making recommendations which will, if appropriately implemented, improve the effectiveness of processes, risk management and governance.

United in diversity, we see our capacity to listen and our open mindedness, as a true catalyst for innovation.