For many organisations, an internal audit is their first line of defence – a way to test their systems, processes and controls, and ultimately, to drive risk from the business.

Management teams face rapid change, mainly from new technology and increased regulation. This brings new risks, and in order to maintain optimum internal control, a regular audit of your internal business functions is essential.

An internal audit will:

  • Focus on methodology and test any new thinking or innovation.

  • Ensure that all staff are working towards the same level of quality and service – this is particularly useful if staff are located in multiple locations.

  • Give consideration to any changes or risk exposure.

  • Anticipate the needs of any third parties or stakeholders.

  • Ensure you have the correct regulatory structure in place, so that should any internal controls fail, you are in a position to address and mitigate any risk.