Strong internal audit helps organizations to be more effective by ensuring a robust overall internal control framework and identifying area where control needs to be strengthened. JP MAGSON’s internal audit is independent; risk based and designed to complement other available sources of assurance. We focus on gaining an understanding of clients’ business drivers and priorities through working alongside client’s staff in a constructive and thoughtful manner which adds real value to their businesses. We design our strategic approach to target the areas of greatest risk and to integrate with other sources of assurance in order to maximize audit efficiency and support you in achieving your objectives.
Full outsourced risk based internal audit to:
- International Internal Audit Standards
- Organization internal audit charter
Support to in-house internal audit teams. These include:
- Specialist one off reviews for example IT, HR, risk management or of suppliers etc.
- Top up on in-house resources to address shortfalls in capacity or perceived conflict of interest
- Support in determining audit needs and how best to meet them
- Ongoing co-sourcing arrangements.
At JP MAGSON we demonstrate that we work well as a unified team, delivering quality work to agreed timescales and we are always available for additional support on;
- Evaluation of internal audit performance
- Formal external reviews of internal audit as required by the IIA Standards
- Advice on options for internal audit delivery
- Audit needs assessment
- Internal audit training.
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When conducting an internal audit assignment, we first focus on gaining an understanding of clients’ business drivers and priorities through working alongside client’s staff in a constructive and thoughtful manner which adds real value to their businesses. We work towards understanding your goals, needs and regulatory requirements. We have experienced staff who can work with you to assess your needs and develop practical solutions. Our personal approach is designed to deliver lasting value for your business, backed up by the credibility and resources of our audit firm.
Whether a mandatory requirement or not, we believe internal audit should be focused on helping organizations to perform better and in the most efficient way. Therefore we;
- Design our strategic approach to target the areas of greatest risk and to integrate with other sources of assurance in order to maximize audit efficiency and support you in achieving your objectives.
- Work with businesses to help them identify and appraise their risks and confirm that the mitigations are designed appropriately and operating. This helps to improve risk management, proper decision making and reduces chances of business being caught out.
- Offer practical advice as to how you can strengthen control system by benchmarking your procedures against others in the industry.
- Offer supplementary support to an in-house audit team or as ad hoc reviews in order to give an assurance that the internal control framework that you rely upon best fits your purpose and operates effectively.
- Support in strengthening your governance arrangements; we train, support the Audit Committee and / board on technical matters, risk management and assurance programmes in order to give assurance that the governance arrangements are sufficient to ensure that the business operates effectively.
- In addition to providing independent assurance on critical business processes, we strive to be strategic business advisors by focusing on continuous business improvement and assist you to achieve your business objectives.