INTERNAL AUDIT CONSULTING
What is Internal Audit Consulting?
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Internal Audit Consulting is a professional advisory service aimed at helping organizations assess and improve the effectiveness of governance, risk management, and internal controls. Unlike traditional assurance-based auditing, internal audit consulting is collaborative and forward-looking, designed to add value and improve organizational processes.
It is typically offered by internal audit departments or external consultants with expertise in internal audit standards, business processes, technology, risk, and compliance frameworks.
Benefits of Internal Audit Consulting
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Improved Risk Management: Better identification, analysis, and mitigation of key risks.
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Enhanced Internal Controls: Stronger safeguards against fraud, errors, and inefficiencies.
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Operational Efficiency: Streamlined processes reduce waste and improve productivity.
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Strategic Insight: Supports strategic decision-making with data-backed insights.
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Regulatory Compliance: Helps avoid penalties and reputational risks by ensuring compliance.
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Increased Stakeholder Confidence: Demonstrates a commitment to transparency and accountability.
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Cost Savings: Identifies areas where costs can be reduced without compromising quality.
Some Specific Client Needs:
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"How can we have reasonable assurance the company objectives and goals will be met and that internal controls, risk management, governance processes are adequately, effectively, efficiently designed to meet these company objectives and goals?"
Why Choose Us?
We are committed to driving tangible results for your business. With specialized &/or expert knowledge, skills, competence & experience in Auditing, our proven track record and dedication to excellence make us the ideal partner for your business needs & requirements.
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Following are useful actual STAR Scenarios allowing us to provide clear, concise examples of our expertise, skills, competence & knowledge in action. It demonstrates our problem-solving abilities, highlights our strategic approach, and emphasizes the tangible outcomes of our work. By focusing on real results, we can effectively show you how we turn challenges into opportunities and drive success for our clients. Whether you're looking for increased profits, improved efficiency, risk management, internal controls & business processes, or innovative solutions, the STAR method helps you understand exactly how we deliver value. You will see more of these as you continue to browse our services and get to know The CFBS Advantage.
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In these STAR Scenarios we demonstrated the following skills, among others:
Risk Management & Assessment Skills
Internal Controls Evaluation
Audit Planning & Execution
Sampling Techniques
Report Writing & Communication Skills
Teamwork Skills
Leadership Skills
Independence & Objectivity
Analytical & Critical Thinking
Attention to Details
Tax & regulatory knowledge
Tax Planning & Strategy
Accounting Principles & Standards
Client Management
Project Management
Delegation Skills
Organization Skills
Coordination Skills​
Big Picture Thinking
STAR Scenario #1: SAP Phase 2 Implementation of a Multinational Company
SITUATION:
SAP Phase 2 implementation including Supply Chain Mngt. (SCM ) Advance Planner Optimizer (APO), Demand Planning (DP), Supply Network Planning (SNP), Production Planning (PP), Detailed Scheduling (DS)
TASK:
Provide audit assurance and consulting support including risk-control assessments for SAP Phase 2 implementation.
ACTION:
1) Provided audit expertise specially in risk-control assessments;
2) Provided data validations using ACL.
3) Attended training in SAP SCM APO, DP, SNP, PP, DS among others;
RESULTS:
1) SAP Phase 2 Team – Special Citation during the 9th TOPs Awards for its major contribution to enterprise excellence in systems, processes, and information technology.
2) Ensured that necessary controls and risk mitigations are integrated in the system.
STAR Scenario #2: Pioneering Internal Audit Division of a Power Group of Companies
SITUATION:
Need to establish an audit department for a group of companies.
TASK:
Prioritize audit universe based on risks and impact of audit activities.
ACTION:
1) Performed a risk assessment of the audit universe by obtaining pertinent information i.e. management team, companies in the group, nature of business, organizational structures, and divisions;
2) Identified major business activities, business processes from pertinent information gathered and interviewed and enlisted inputs from top management, senior executives & directors;
3) From pertinent information gathered evaluated risks and probable controls in place.
RESULTS:
Finalized the Annual Risk-Based Audit Plan with top 20 audit engagements with proposed audit objectives that will significantly impact and improve the companies operations, risk management and internal controls. The Annual Risk-Based Audit Plan identified 29 risks the should be prevented at source, with the top 2 high-impact engagements pertaining to Capital Expenditure Process Audit & Procurement Process Audit. This Annual Risk-Based Audit Plan were approved by the Group CFO.
STAR Scenario #3: Power Pilferage Due to Fraud
SITUATION:
Senior Director, Group President & Group CFO presented the exposure of power pilferage due to fraud.
TASK:
Mitigate risks and deter fraud.
ACTION:
1) Analyzed the situation and came up with workable solutions.
RESULTS:
1) Recommended periodic section surveillance of the grid wherein the whole existing power grid will be surveyed for existence of power pilferage after a certain period of time. Also recommended to run after perpetrators by filing appropriate lawsuits and have it publicized to deter the public from this fraudulent activities.
2) Recommendations seems to be well received wherein the Group President and Group CFO eventually appointed me to develop the Group's Policies and Procedures.
STAR SCENARIOS
Following are the links to our various STAR Scenarios for your review in connection herein:
Key Features of Internal Audit Consulting:
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Advisory Nature: Focuses on improving internal operations, not just assessing them.
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Independence and Objectivity: Maintains independence while working closely with management.
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Standards-Based: Follows guidelines set by the Institute of Internal Auditors (IIA).
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Strategic Orientation: Aligns internal controls, risk management & governance processes with business objective & goals.
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Customization: Tailored to specific industry, regulatory environment, and business needs.
Steps Involved in Internal Audit Consulting:
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Initial Engagement & Planning
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Define scope and objectives.
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Identify stakeholders and expectations.
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Assess business environment and risks.
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Understanding the Business Process
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Conduct interviews and walkthroughs.
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Gather documentation and process maps.
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Risk and Control Assessment
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Identify potential risks and related controls.
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Evaluate the effectiveness and design of controls.
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Gap Analysis & Recommendations
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Identify deficiencies or improvement opportunities.
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Develop actionable recommendations.
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Reporting & Communication
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Prepare a report outlining findings and recommendations.
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Present to management and/or the audit committee.
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Follow-Up and Implementation Support
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Provide guidance on implementing changes.
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Monitor progress and provide further insights as needed.
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Types of Internal Audit Consulting:
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Risk Assessment - Identifying and prioritizing organizational risks.
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Process Improvement - Streamlining and enhancing business processes for efficiency.
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Control Design & Evaluation - Advising on the development or enhancement of internal controls.
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Compliance Consulting - Ensuring adherence to laws, regulations, and internal policies.
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IT and Cybersecurity Audits - Evaluating IT systems, data security, and cyber risk management.
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SOX Compliance Support - Helping with documentation, testing, and control assessment for SOX compliance.
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Fraud Risk Assessment - Identifying and mitigating fraud-related risks.
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ERM (Enterprise Risk Management) - Developing or refining risk management frameworks.
Summary:
Internal Audit Consulting is a critical service that extends beyond traditional auditing by offering proactive, advisory support to organizations seeking to optimize their internal operations, manage risks more effectively, and maintain strong governance. By providing expert insights, practical recommendations, and implementation support, internal audit consultants become strategic partners in driving continuous improvement and sustainable success.
Why CFBS?
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CFBS’ Internal Audits provides an independent, objective assurance and consulting activity designed to continuously add value and improve an organization’s operations. We help organization’s accomplish its objectives by bringing a systematic, disciplined approach to continuously evaluate and improve the effectiveness of risk management, control, and governance processes. Our more than fifteen (15) years of experience, professional service practice & recognized excellence, education & training gained from various industries can give you much leverage & advantages.
Continuously improve & reach your objectives in the midst of the ceaseless & speedy changes in market conditions!
Contact us now for a FREE QUOTATION!
We’ll be glad to hear from you, including about your special or customize requirements.