Internal Audit's emergence as an integral part of the control process has been accelerated by a number of high profile financial scandals which have resulted from fundamental weaknesses in the internal control environment. In the Public Sector, the subject of Corporate Governance has been a dominant theme for a number of years and is now closely aligned to risk management and the delivery of controls statements as part of the annual financial reporting process.

Internal Audit has a fundamental role to play in the review of controls, both financial and otherwise, which are put in place by management to achieve objectives and thereby manage risks to which the organization is or may become exposed. In order to make a positive contribution to achieving effective stewardship and value for money, Internal Audit must demonstrate a clear understanding of the risk profile of the organization and deliver. .  .

But transforming the role of internal audit is easier said than done. It presents a human resource challenge for many businesses. Auditors are being asked to take on new responsibilities and leadership roles that not only require additional staff but different skill sets as well, both of which are in high demand. Rather than constantly struggle to hire, train and retain internal resources, many organizations have begun to outsource the entire function or co-source with an outside firm to supplement for their specialized needs.

Outsourcing the internal audit function enables management to hire dedicated internal audit professionals without the day-to-day managerial requirements. Outsourcing also allows the company to monitor key areas within the organization — giving high quality assurance to the board that risks are being monitored effectively and objectively. Other companies prefer to maintain ownership of the internal audit function and look to outside firms to supply professionals for critical projects or specialists on an as-needed basis. The specialists typically possess expertise related to large project management, logical security, fraud and specific software packages. In either case, choosing the right firm and model to address your internal audit needs is a complex decision.

How we can help

BMS has qualified internal audit resources to assist you in whatever extent you desire. There are several benefits from working with our internal audit professionals:

• Enables you to leverage your in-house resources more effectively
• Allows management to focus on business operations
• Raises the awareness of management’s support for a sound internal control structure

Business Risk Assessment
Our integrated risk management methodology begins by performing a comprehensive business risk assessment. This assessment helps to align our audit plan with the risk factors within your organization.

Quality Assurance Review
Your internal audit function is expected to add value to your organization. A quality assurance review (QAR) provides senior management with the confidence in knowing the internal audit department is functioning as intended, as well as helps pinpoint areas for improvement.

Tools and technology
We use the latest paperless engagement technology, data mining and analysis tools to deliver our internal audit services cost effectively.
To learn more about our services, please call us at +254-20-8049910, 2662820 for an appointment.

Select our winning team!

Be on your way to operating efficiently. BMS will help put your company back on track to operating at it’s best. We offer a one hour free consultation for those who are seeking a better understanding of their issues. If you’ve reached the point of needing a clear cut plan of action, then schedule a more comprehensive “Breakthrough Session”. Stop making last minute judgement calls about how to handle your transactions. Contact us today for a complete review of your situation.