Internal Audit Solutions

Internal Audit Plan Execution

GRF takes a risk-based approach to our Internal Audit engagements to increase the overall value to our clients. By prioritizing the highest risk areas, the organization can proactively identify vulnerabilities and enhancements to the most critical processes.

In order to properly administer an effective Internal Audit solution, a hybrid of on-site and remote fieldwork can be utilized to reduce costs and ensure that engagement objectives are achieved. GRF travels across the world for our clients and leverages a network of international professionals to partner on engagements to meet objectives in a timely and efficient manner.

A typical Internal Audit engagement is 6-8 weeks.

Onsite and Remote Fieldwork

Our Internal Audit professionals travel across North America, South America, Europe, Asia, and Africa to administer Internal Audit solutions for our clients. We utilize cutting-edge technology to take advantage of the efficiencies and cost-savings of performing remote procedures when possible.

Observations and Recommendations

At the end of an engagement, organizations receive a Risk & Advisory Report with detailed observations and recommendations. GRF’s recommendations are actionable and customized to leverage an organization’s strengths. The report prioritizes next steps for all elements of the assessment.

Typical Internal Audit Engagement Timeline

• Planning and information gathering (Weeks 1-2)
• Fieldwork (Weeks 3-6)
• Report formation and delivery of drafts (Week 7)
• Report finalization and next steps (Week 8+)

Monitoring and Reporting Internal Audit Activity

As an organization administers their Internal Audit plan and detailed procedures, it is important to track the progress of all projects for reporting to the Board and management. The timeline and achievement of objectives should be monitored and documented using appropriate tracking mechanisms to identify any bottlenecks, missed deadlines, and audit results. This will help the organization improve the Internal Audit process, implement observations and recommendations, and inform key stakeholders. GRF assists our clients with maintaining the risk register and monitoring the progress of Internal Audit activities, as well as following up and reporting on these activities to the Board and management.

Typically, GRF provides support to existing Internal Audit initiatives on an hourly or as-needed basis.

Maintenance of Risk, Observation Register(s), and Internal Audit Plan

The risk and observation register(s) contains detailed information about the prioritized risks to the organization, as well as the status of ongoing mitigation plans of audit observations. Proper maintenance of this data allows for follow up and ensures Internal Audits are completed according to the predetermined timeline/schedule.

Reporting to Management, Board, and/or Delegated Committee

The Internal Audit function should report to management regarding the status of all ongoing Internal Audit projects and provide high-level executive summaries and dashboards to board members. GRF helps facilitate these discussions and develop reports to inform the Board on critical Internal Audit initiatives and their results.

Internal Audit Data Analytics

GRF Internal Audit team members are experts in Data Analytics concepts and key technologies such as IDEA, ACL, and MindBridge. Data analytics can provide a more systematic, complete review of processes and identification of anomalies.