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.
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.
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.
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.