Internal Audit

Digital, Risk and Transformation

Among the services aimed at risk management, we support our clients' internal audit function from planning activities to the execution of audits and reporting to the control and risk bodies. in cases where the internal audit function is not already present in the company, we provide support and methodologies for partial or total outsourcing of the function itself

EVOLVING INTERNAL AUDIT TO MANAGE RISK EFFECTIVELY AND EFFICIENTLY

Our methodology and approach are compliant with the International Standards for the Professional Practice of Internal Auditing and the International Professional Practices Framework of the Institute of Internal Auditors and are flexible to allow us to easily align our approach to the specific requirements of each of our Clients in different business sectors.

Our methodology is proven and is continuously updated according to our Clients' needs and evolving best practices, taking into account the main international frameworks for Risk Management and Internal Control System construction and analysis.

Considering that the key word in recent years for Internal Audit functions continues to be "agile auditing", representing the need to develop flexible Audit Plans that are ready to be updated in line with changes in the respective organisations and with the evolution of the risks faced, we at RMS consider it "key" to complement the core team with in-depth knowledge of Internal Audit, Risk Management and Internal Controls methodologies and frameworks with specialists from different areas of expertise.

Our added value is the integrated and multidisciplinary approach.

Our Services

Internal Audit Outsourcing

When RSM provides Internal Audit Outsourcing services, we operate across the entire process and, in particular, we provide:

the set-up and management of the Internal Audit function;
the execution of the operational activities of the Internal Audit function;
reporting to the Supervisory Officer, the Board of Directors, the Board of Statutory Auditors and the Supervisory Body, so that the governing and control bodies are always aware of and informed about the activities carried out, any instances of non-compliance, and recommendations for the continuous improvement of the internal control and risk management system

These activities are carried out independently by RSM, which will make available a resource acting as Head of the Internal Audit Function, together with an appropriate team of multidisciplinary professionals, depending on requirements.

Internal Audit Co-sourcing

Where there is a need to strengthen our clients’ Internal Audit function, we make available the highest levels of expertise and professionalism for the execution of:

assessment of the function on the basis of the International Professional Practices Framework (IPPF Standards) of AIIA;
support with Risk Assessment activities and the preparation of the Audit Plan on a risk-based basis;
support, on a co-sourcing basis, in the execution of the audit plan (operational audit, financial audit, compliance audit, fraud audit, IT audit, etc.).

Our approach identifies the strategic, operational and financial risks on which different organisations require assurance and advisory support.

This means that we can work with our clients to ensure that systems, processes, people and procedures are aligned and effective in mitigating risks and enabling the achievement of business objectives.

Internal Audit Evolution & Digital Journey

Organisations are rapidly exploring and defining transformation programmes capable of leveraging the data available within their systems, using tools that improve process efficiency and automation, and mitigating emerging risks, while always maintaining the utmost focus on the expectations of clients and stakeholders.

At a time of continuous evolution in processes and risks, Internal Audit cannot afford to be unprepared and increasingly needs to upgrade the skills of its people, evolve its methodologies and, consequently, enhance the technological tools that support it.

In any event, for Internal Audit functions this is not an entirely new challenge. Technology and the risks arising from it have been on the agendas of CAEs for years. Today, however, implementing change quickly in order to become an evolved and digital Internal Audit function has become a genuine and urgent necessity.

RSM supports Internal Audit functions in their transformation journey and in the adoption of technologies and digital approaches, also from the perspective of the digital upskilling needed to strengthen internal capabilities.

At RSM, we have identified a series of structural initiatives capable of delivering immediate and tangible benefits to our clients’ Internal Audit functions, based on three different pillars:

Digital applications for the digitalisation of Internal Audit processes;
Data analytics tools to make testing and result reporting more efficient;
Advanced automation solutions to automate control activities and improve their effectiveness.