Having an internal audit function which is effective, dynamic and capable of addressing future challenges is fundamental to a healthy organisation. Internal audit is well placed to be the catalyst for facilitating positive change, learning, ethics and sustainability – thereby enhancing and protecting the strategic vision and values of the business, customers and shareholders. If you’re looking to set up or enhance your internal audit function, partnering with Mazars provides you with a flexible, tailored and effective risk-based approach.
A DEEP UNDERSTANDING OF INTERNAL AUDIT AND HOW IT ADDS VALUE TO THE BUSINESS
We understand the importance of building an effective internal audit function. We also understand that the challenges of internal audit are constantly increasing: meeting several demands from different parts of the business, dealing with ever-changing regulatory landscape, a lack of internal audit resource – and all while trying to deliver the existing internal audit plan. In the context of organisation complexity, change and growth, you should expect an internal audit function to be able to provide proactive assurance, insight and advice.
We have significant experience in helping organisations build a successful internal audit function – part of this success is the result of the deep subject matter expertise we bring, rooted in the multiple industries we serve. In addition, we have experts in technology and compliance that can address the risks imposed by regulatory change and business innovation. We also advise on the organisation’s governance, risk management, compliance and internal controls and assist senior management and boards, and especially audit committees with their respective responsibilities.
A FRIENDLY, EXPERIENCED TEAM TO HELP YOU ACHIEVE GOALS
Whether you are considering outsourcing the entire internal audit function, a co‑sourcing arrangement, or require assistance to deliver ad hoc assignments, we can help you achieve your governance and risk management objectives.
At Mazars, our approach is tailored to each individual client and based on four main pillars of the internal audit function: leadership, innovation, quality and resources.
Have you defined your strategy? Is the internal audit function sufficiently aligned with your organisation’s key initiatives and risks? Do you have the right people in place to make a difference? Developing or transforming an internal audit function requires strong leadership to effectively engage with stakeholders and build organisational awareness and commitment. With our expertise and a fresh perspective, we can help to establish a roadmap, performance frameworks, coaching and effectiveness enhancements.
Innovation and continuous improvement are key for a highly relevant and impactful internal audit function. Mazars will bring a fresh perspective to help create an innovative platform to improve performance, share knowledge and generate ideas. We can help with big data, data analytics, RPA, and optimising approaches.
The foundation of a high performing internal audit function is complying with the International Professional Practice Framework (IPPF). Mazars provides up-to-date knowledge and best practices to assist you with developing, tailoring and implementing a high-quality internal audit function, which goes beyond the IIA global standards.
Resource planning is key for high quality audits. Our professionals partner with you to provide specific types of expertise, local knowledge, or simply extra help when you’re resources are stretched. Partnering with Mazars gives you access to a flexible, highly competent network of skills that complement your team, such as expertise in cyber security, data privacy and GDPR, regulatory compliance, change management, all with local knowledge and language skills.
We presently operate in 89 countries, providing access to experts globally while maintaining local knowledge, customs and language in each country where you operate. Our truly integrated business model is unique to Mazars, meaning our services are delivered seamlessly across borders and with one single point of contact.
GLOBAL EXPERTISE ACROSS SECTORS AND SPECIALISMS
- We are a large dedicated internal audit service provider working across a wide range of sectors, both public and private with a particularly strong base in financial services.
- Our internal audit teams include partners and staff with deep in internal audit experience, including IT, risk and compliance specialists.
LEADERSHIP BY A STRONG PARTNER-LED TEAM
- We provide a senior-led team who are ‘on the ground’ giving you the best senior input and added value at a competitive price. Our level of senior input is unique amongst firms that provide internal audit services.
- We care about your business and want to work with you to achieve its full potential.
- Our people are internal audit leaders with members of the team active in IIA networks and other internal audit communities.
BENCHMARKING AND BEST PRACTICES
- We are not conflicted. Unlike some of our larger competitors, we remain independent and therefore can provide internal audit services to many companies and organisations. This enables us to add significant value when performing your internal audits.
- We have a very strong presence allowing us to provide peer comparison and best practice recommendations.
- We are committed to developing best practices and innovation in internal audit.
RESPECTED BY REGULATORS
- We are recognised and respected by regulators.
- We have delivered numerous external quality assessments (EQAs) of internal audit functions, including assessments and support of resolving regulatory sanctions.
Want to know more?
IORP II and the top 10 considerations
IORP II is the name given to EU Directive 2016/2341. This directive is aimed at the activities and supervision of institutions for occupational retirement provisions (IORPs). It prescribes new requirements on, among others, the provision of information on pension benefit statements, the introduction of ‘key functions’, and the performance and documentation of risk management activities, while considering Environmental, Social and Governance (ESG) factors. The directive applies to all IORPs based in the EU and came into force on 13 January 2019. With regards to the approaching date of Brexit, UK IORPs must comply with the requirements set out in this directive until the UK exits the EU. The UK Department for Work and Pensions (DWP) has confirmed that it will honour this obligation.
Auditing company culture
The topic of culture has attracted a lot of interest in the media and in public discourse in recent times. The financial and regulatory problems to which Europe has been exposed, have firmly placed the issue of culture on the board room table. The extent to which an organisation’s culture supports the execution of its strategy, the management of risk and the treatment of its customers are increasingly under the spotlight, and weaknesses in culture are now frequently blamed for failings in these areas.