What is Internal Audit Consulting?

Internal audit services include more than independent and objective assurances over the operation of the system of internal controls. The internal audit standards include advisory (consulting) services. Internal audit consulting provides advice on governance, risk management, and internal controls to support management’s objectives. Internal audit consulting professionals have expertise in areas such as finance, information technology, fraud, internal controls, operations, and regulatory compliance. They also have a deep understanding of the internal audit professional standards and can assist organizations to implement or improve their internal audit and operational functions. The internal audit consultants typically work closely with internal audit teams or operational departments to enhance their effectiveness, efficiency, and overall value to the organization.

Internal Audit Assurance Services

Internal audit consulting firms can assist an organization in developing, building, or growing their internal audit function. They can provide expertise and resources to support internal audit assurance activities. Internal audit services can range from starting and building an internal audit function to conducting an External Quality Assessment (EQA). The internal audit consultants are a valuable resource to include in the resource pool to meet the annual internal audit plan objectives.

Internal Audit Advisory Services

Internal audit consultants use their expertise to provide advice and recommendations without providing assurance or taking on management responsibilities. Internal audit consulting services can fill organizational skills or staffing gaps and assist with operational issues beyond the traditional assessment of internal controls. Here are some key aspects of internal audit consulting:

• Process Improvement: Internal audit consultants help streamline internal audit and operational processes, making them more efficient and aligned with industry best practices. They may assess current processes, identify gaps and bottlenecks, and suggest improvements to enhance productivity. The consultants are excellent resources to assist operational areas in closing audit issues.
• Business Integration: Internal audit consulting services include business integration support for system implementations. System implementation business integration frequently falls to the operational staff, who already have a full workload. Using internal audit consultants to assist in preparation of policies and procedures and assessing the design of the controls prior to implementation is a great benefit to an organization. Internal audit consultants have the skills and expertise to develop processes with adequate internal controls, and provide training and consultation as needed. Using internal audit consultants means that the internal audit function can remain independent and objective.
• Risk Assessment: Consultants assist in identifying and prioritizing risks that are critical to the organization. They may help develop risk assessments using best practice frameworks in areas such as governance, information technology, cybersecurity, risk management, internal control, operations, and regulatory compliance. The risk assessment process provides insight that the organization can use to focus resources on areas of greatest concern to management and stakeholders.
• Training and Development: Internal Audit consultants often provide training sessions and workshops for internal audit teams and control owners to enhance their skills and knowledge. This may include technical training on audit techniques, as well as soft skills training on communication and stakeholder management. The key to a successful system of internal controls is understanding and ownership by the control owners.
• Specialized Expertise: Consultants bring specialized knowledge and experience to address specific audit challenges or industry requirements. This could include expertise in areas such as IT audit, financial controls, regulatory compliance, or operational audits.
• Internal Audit Technology Integration: With the advancement of technology, consultants may assist in implementing or upgrading audit management software and tools. This helps streamline audit processes, improve data analytics capabilities, and enhance reporting functionalities.

Overall, internal audit consulting aims to strengthen an organization’s internal audit and operational functions. By leveraging external expertise and best practices, organizations can enhance their ability to manage risks, improve operational efficiency, and achieve their business objectives more effectively.

To learn more about McKonly & Asbury’s Internal Audit services, please reach out to Elaine Nissley.

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