Governance, Risk and Compliance

Internal Audit Systems

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Internal audit is a key element of corporate governance. With further specification of monitoring responsibilities of Supervisory Boards by the German Accounting Law Modernization Act in 2009 the effectiveness of internal audit systems of capital markets-oriented companies are now explicitly part of the supervising and monitoring duties.

Even if, in principle, corporate management is authorized to issue directives to internal audit, its independence should not be restricted. Corporate management and monitoring are highly interested in an effective internal audit, which in its turn regularly verifies the effectiveness of internal control and risk management systems and compliance management systems in place.

Due to the increasing requirements to the monitoring tasks of corporate management in terms of a good and responsible corporate governance, more and more responsibility is put on internal audit. Internal audit, seen as a reliable guarantor of the company’s monitoring system, is facing a significant challenge relating to the constantly changing internal and external company’s environment as well as due to the fast-pace of change and internationalization of business models and processes. This can be assured only via a modern, efficient audit approach, even if the need in professional skills and methodology expertize can be covered by available internal audit resources only to an limited extent.

We support you in implementation of an internal audit system, analyzes, optimization and further development of existing audit approaches and in organization and performance of quality assessments and audits. Our services, amongst others, include:

  • Establishment of a modern audit system as well as optimization and further development of an existing audit function, taking into consideration relevant Standards of the DIIR (German Institute for Internal Audit) and IIA (Institute of Internal Auditors) for the professional practice of internal auditing.
  • Performing audits of the risk management system, internal control system or compliance management system.
  • Performing of or co-sourcing in strategy-, operations-, reporting- or compliance audits and of project- or IT audits.
  • Performance of fraud audits and other types of internal audits with a forensic focus.
  • Quality Assessment of the internal audit function according to the DIIR-Standard No. 3 (Quality Management in Internal Audit).
  • Continuous auditing via continuous and extensively automated monitoring of business processes and controls by internal audit, taking into account the existing IT environment with its implementation capabilities of automated monitoring procedures.
  • Selection and implementation of software solutions in the area of internal audit.