Transforming internal audit to establish trust
KPMG helped a leader in business market intelligence and technology promote more meaningful risk dialogue.
Client
A leader in business market intelligence and technology
Sector
Technology, Media and Telecom
Project
Internal audit transformation and co-source
Client challenge
This leader in business market intelligence and technology wanted to rebrand and transform its internal audit function. This transformation would help the organization better understand the risks across its systems, processes, and procedures to better cover the intricacies of its business through enhanced assurance.
While the company had an existing program in place to audit its internal operations, it wanted to bring more agility and innovation into its approach. It wanted to partner with a new global, co-sourced provider who brought a balanced knowledge of the standards, risks, and controls its sector should adhere to, alongside innovative thinking and a problem-solving mindset. And it needed to embark upon this transformation during the pandemic, in a fully remote environment.
The firm is in a much better place in knowing and addressing risks. I clearly see the impact of bringing on a new partner in KPMG.
Audit Committee Chairman
Approach
In March 2020, KPMG onboarded and immediately embraced the culture and bespoke systems in place to help the company work towards its goals to transform internal audit. KPMG helped:
1
Re-structure processes for internal audit and senior leadership to transition to a new communication and reporting strategy.
2
Use agile concepts, including scrum, to connect with audit stakeholders and manage projects more efficiently.
3
Add technology, data analytics, and new ways of working and learning to help internal audit adapt its approach to the company’s culture.
4
Mesh the company’s small in-house internal audit group with KPMG core team and subject matter professionals to operate as one team.
5
Bring relevant, industry-specific solutions using transparency, leading practices, and quality as cornerstones.
Benefits to client
Working with KPMG, this organization redefined the brand and value of internal audit within the business. Key benefits include:
1
More meaningful dialogue about risk and risk responses; internal audit’s stakeholders gained a stronger sense of trust with the internal audit process.
2
Clarity into the value internal audit provides in understanding risk and how it should be managed.
3
More agility in ways of working and meeting stakeholder needs by streamlining internal practices.
4
Improved audit insights through concise, empirical data to help make decisions informed by data analytics and visualization.
5
Improved transparency into audit results through closer collaboration with audit stakeholders, earlier communication and more impact-oriented and timely reporting.
Why KPMG?
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Building greater trust
KPMG brings a transparent approach to delivery and reporting throughout the internal audit process to help unleash enterprise potential. Our subject matter professionals have tremendous industry knowledge and offer multiple options to customize the process to the needs of the organization.
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Collaboration is core to our approach
We build internal audit solutions that are based on establishing and maintaining strong relationships. By teaming with internal leaders and auditors, we help evaluate the current state of the program and bring a shared vision for the future.
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Innovation helps transform the role of internal audit
We help our clients take uncertainty out of metrics and reporting through leading practices and technology such as dynamic and agile approaches, automation, and data analytics.
Meet our team
Abid Zaim
Principal, Advisory, Internal Audit & Entrprse Risk, KPMG LLP
Sheila Stark
Director, Internal Audit & Enterprise Risk, KPMG US
Abid Zaim
Principal, Advisory, Internal Audit & Entrprse Risk, KPMG LLP
Sheila Stark
Director, Internal Audit & Enterprise Risk, KPMG US