Internal Audit

The internal audit (IA) function plays a significant role in coordinating, executing, and evaluating overall governance and risk management efforts. As IA evolves beyond compliance to strategy, a number of independent assurance and consulting activities have become part of the role. The audit committee now works with executive management and other stakeholders to create a balanced focus between compliance and business improvement. To extract maximum value from the IA function, organizations must identify, assess, and monitor risks and controls to achieve strategic objectives and enhance business processes and performance.

Why MorganFranklin?

MorganFranklin works with CEOs, CFOs, and risk and compliance officers to co-source or outsource IA functions. We identify, assess, and monitor risks and controls to deliver strategic insight on emerging risks and trends, provide leading practices and process recommendations, and identify opportunities to decrease costs and enhance organizational value. Our practical approach combines stakeholder expectations and business objectives to focus on high-risk areas while driving long-term value and reducing costs:

  • Design IA strategy to form basis for charter, value scorecard, structure, and operating protocols
  • Create strategically aligned, risk-based IA plan in coordination with other risk and compliance functions based on enterprise risk assessment and IT audit
  • Execute audits against plan utilizing experienced, sector-focused personnel and innovative auditing techniques
  • Communicate progress and results to stakeholders

Capabilities

  • Quality assessment review
  • Internal audit functional diagnostic
  • Enterprise risk assessment and internal audit planning
  • Internal audit co-sourcing and outsourcing

Impact & Value

  • Optimize coverage of key risks
  • Reduce overall cost of risk and compliance
  • Identify and realize cost recovery or containment and revenue enhancement opportunities
  • Implement leading business practices
  • Improve business process efficiency and effectiveness
  • Build investor confidence and increase long-term shareholder value
  • Enhance overall governance, risk management, and compliance efforts