The role of an organisation’s internal audit function is to provide the management with independent assurance that the decisions and activities are appropriate, in compliance with laws and regulations, and that the organisation’s resources are used economically, effectively and efficiently. 

Establishing a functional and effective internal audit function requires money and management’s time; therefore, more value may sometimes be derived from outsourcing the service. Outsourcing can be either full or partial (co-sourcing), i.e. your existing internal audit team can also seek support and advice from an experienced third-party team with broad-based skills. 

KPMG internal audit specialists have extensive experience in enhancing organisation work processes and assessing such processes both in the public and private sector. To help management understand various risks and identify opportunities for making organisations more effective, we use KPMG’s proprietary internal audit methodology to analyse your organisation’s strategies and processes. Our clients include large private and public organisations such as hospitals, municipalities, financial institutions and state-owned companies, as well as smaller companies that need to use professional internal auditors.

Addressing your needs

Establishing or improving internal audit function

  • Based on the expectations of your organisation’s leadership, the operating environment and risks, we help you define the objectives of the organisation’s internal audit and establish the internal audit function.
  • We help recruit suitable candidates for your internal audit function, facilitate their subsequent training and further development.

Internal audit outsourcing and co-sourcing

  • We are internal auditors for your organisation if needed. In technically complex areas we pool the resources of our Internal Audit practice and experts from other areas of KPMG with skills and experience in other specific areas, such as IT auditing, legal, taxation etc.
  • Under a co-sourcing arrangement, we assist you when your internal audit function needs temporary additional staff, your in-house team may lack expertise in some area, or when you need independent expert assessment.
  • If your organisation does not have internal auditors but there is a need for a one-off internal audit, we can conduct such an audit.

Enterprise risk management

  • We help identify your organisation’s significant risks in cooperation with your employees.
  • We assist you in developing a framework for establishing an ERM (Enterprise Risk Management) system for your organisation, define risk management policies and draw up guidelines.
  • Applying KPMG risk management maturity model, we evaluate the effectiveness of your ERM and enhance your organisation’s risk management processes.

Evaluation of internal audit function

  • We compare the activities of your organisation’s internal audit function with the International Professional Practices Framework (IPPF) as well as with good examples of the internal audit practices of other organisations operating in the same area (industry best practice).
  • We assist in identifying and implementing changes to increase internal audit efficiency.