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Internal Audit & Assurance

In a business environment characterised by high levels of uncertainty, new and emerging risks and more sophisticated business processes, organisations must continue to demonstrate to their stakeholders that they have adequate controls and safeguards in place. 

If you want confidence that your organisation is meeting its strategic and core business objectives, you need a solid internal audit function.

What is internal audit?

Internal audit is an integral part of good governance and assurance. Internal audit aims to help organisations achieve their objectives and thereby enhance and protect value.

Internal auditors work with management to systematically review systems and operations. Internal auditors act as objective consultants, advising you on how to improve processes, especially those concerning risk management, governance, fraud and internal controls in general.

In some industry sectors, internal audit is mandated whilst in other sectors, it is strongly recommended. 

Today, stakeholders demand more than the traditional ‘tick and bash’ internal audit and assurance function, they demand an internal audit function that: 

  • Is independent of management; 
  • Utilises a risk-based audit approach to maximise value; 
  • Is aligned and supports other risk management and governance initiatives; and 
  • Works with management to support the attainment of the organisation’s objectives. 
What are the benefits of internal audit?

An effective internal audit function can deliver many benefits to your organisation:

  • Help strengthen internal controls (e.g. control gaps);
  • Improve efficiency in business processes (e.g. redundancies, cost savings);
  • Provide independent scrutiny and assurance (e.g. formal reporting);
  • Validate the existence and adequacy of internal controls (e.g. audit internal controls); and
  • Improve the organisations overall control environment and culture (e.g. defined role, whistleblowing) 

Internal audit is a key element of proactive, forward-thinking organisations that aim for continuous process improvement while seeking to manage and reduce risk.

Your professional internal audit team

As professional internal auditors, we believe that internal audit activities should always provide value for money and contribute to better business practice and performance. 

There is no one size-fits-all solution as the needs of every organisation are not always the same.  That is why InConsult offers a choice for different organisations, in different sectors and different sizes. 

"Trust is like the air we breathe; when it's present, nobody really notices;
when it's absent, everybody notices"
- Warren Buffett

Our Internal Audit & Assurance services include:

InConsult is committed to meeting the mandatory guidance and recommended guidance of the International Standards for the International Professional Practices Framework (IPPF) of Internal Audit and demonstrating quality and continuous improvement. 

An independent External Quality Assessment of our internal audit services in 2020 by the Institute of Internal Auditors Australia (IIAA) resulted in InConsult achieving the highest rating possible – “Generally Conforms”.

Our clients can be reassured that our internal audit approach and methodology is second to none.

Co-sourced Internal Audit

If your internal audit department needs additional resources during peak periods, an interim internal auditor or access to specialist audit skills, our co-sourced internal audit service is ideal.

Outsourced Internal Audit

Provides you with an audit executive and a team of experienced staff with a mix of skills to meet your specific audit needs and budget.

Strategic Internal Audit Planning

We help identify the audit universe and select and prioritise higher risk areas to ensure a risk based audit approach that adds value.

Process Mapping

Helps to better understand processes, risks and internal controls.

Probity Support

Expert advice to help ensure the highest standards of procurement practice and to meet legislative 

Governance Health Check

An independent assessment of an organisation’s governance framework using industry best practice and Australian Standards AS 8000 to AS 8004 as guides.

Benefits of Internal Audit & Assurance

Read our case study to see the benefits of  Internal Audit & Assurance in practice.

Access our Internal Audit Publications

Would you like to know more about our Internal Audit & Assurance services and capabilities?