Internal Audit Services: Case Study
Implementation of a local internal audit function with a financial services company
A financial services company (subsidiary of an international group) was considering the implementation of a local internal audit function in Luxembourg. The objective was to define which organisation would be cost effective (externalising the audit, appointment of an internal auditor or assigning the role to a member of the group).
- Review the existing organisation (processes, human resources and systems) and identify key risks;
- Evaluate the requirements and expectations of the Board of Directors and executive committee members;
- Create an internal audit report template that includes specific reporting topics required by the Board of Directors;
- Assist in designing the audit plan and audit programs;
- Define and describe the scope of the internal auditor's job;
- Manage the internal auditor's recruitment process;
- Train the internal auditor;
- Provide quality review of audit reports.
- Creation of a cost effective internal audit department in Luxembourg
- Significant improvements to the company' organisation
- Improvement of reporting process to the Board of Directors