Today’s business climate is more complex and more challenging than ever before. Even small businesses, nonprofits, and government agencies face issues that historically affected only the largest international corporations. The role of internal audit is no longer limited to focusing on the processes and controls surrounding financial reporting. Internal audit now has a more strategic role. It can create value by identifying enterprise-wide risks, leveraging synergies, monitoring and providing early warning of new risks, and improving processes and efficiency.
In Vietnam, internal audit has attracted interests from many organizations recently, while this model has been widely applied in the world for a long time. The Government has promulgated Decree No. 71/2017/ND-CP guiding on corporate governance of public companies.
Our core competencies
Understand the trends and the needs of organizations, RSM developed Internal Audit services that are relevant and focused on our client’s needs and business nature. Our Internal Audit services help client in strengthening governance, risk management and control systems by providing professional, independent, objective assurance and consultant services in strict conformance with The Institute of Internal Auditor (IIA) standards. Our services will add value to your business and be one of important cornerstones of your good corporate governance.
- Compared to your company’s size, maintaining an in-house Internal Audit team is not a good cost-benefit consideration.
- Your Group Internal Audit want to encompass your company into their scope of works but are not able to do so because of a lack of staffing resources, geographical distance, cost versus benefit, or lack of knowledge of local culture and regulations, etc.
- Your company has an expansion plan but you worry about the effectiveness and efficiency of some critical functions. Thus, you are seeking for an expert team who can provide independent and objective evaluation and make professional recommendations to improve your internal control system.
- You want to outsource your Internal Audit function to a team with high competence which can help your company to enhance the achievement of objectives.
We can help you with
RSM Vietnam can help you with both:
- Evaluating the effectiveness and efficiency from your existing critical cycles (purchase-payable, sales-receivable, cash disbursement, cash collection, payroll) to all other support functions;
- OR you can outsource completely your Internal Audit function to RSM Vietnam to achieve a high level of performance.
Our Internal Audit experts, understanding your business and associated risks, will assess the risk profile of your company and will develop Internal Audit plans to meet your needs. We not only help you improve your internal control weaknesses, but also can enhance your management effectiveness by identifying improvement opportunities and turning them into business advantages.
- Your company want to establish an Internal Audit function from the ground up or restart a function that has fallen to a level of ineffectiveness.
- You want to ensure that your new established Internal Audit function will best fits your company requirements and satisfy your stakeholders.
We can help you with
We can work with your company management in establishing an Internal Audit function based on our 7-step strategy:
- Identify your stakeholder expectations;
- Develop IA structure and governance;
- Understanding your company risk maturity;
- Develop IA strategy;
- Identify resources needed, Develop IA procedure;
- Develop measuring and monitoring performance tools.
RSM Vietnam can also support in performing an assessment of the skills sets and providing training to your Internal Audit team members. Specific or general training can be developed in order to match the needs of your team members.
- Your company set up Internal Audit function fairy recently or it has been in place for a couple of years, but has not previously been assessed. And thus you worry about whether it is operating effectively and efficiently.
- You want to ensure that your Internal Audit function meets the expectation of the Board and other stakeholders.
- Your Internal Audit function states that it complies with the Institute of Internal Auditors (IIA) standards and therefore needs to obtain an external expert’s assessment as part of Quality Assurance and Improvement Program (QAIP).
We can help you with
- RSM Vietnam can foster your Internal Audit quality assurance and improvement by providing independent and objective assessment to make sure your Internal Audit function is in conformance with the spirit and intent of the standards.
- We can determine how effective and efficient your internal audit function is when weighed against its charter, the expectations of the organization’s key stakeholders and peers or leading practices.