Seventy-five percent of audit departments learn about changing business processes too late, as revealed in a Gartner survey of 100+ audit executives, even though 67% of project teams agree that delivery of audit foresight meaningfully contributes to risk reduction.
Internal audit (IA) functions help decision-makers protect organizational assets and reputations along with supporting operational sustainability.
However, the internal audit process has changed over time. It is no longer just a way to assess quality but also a strategy to drive value throughout the organization.
The increasing interconnectedness and complexity of projects within organizations can lead to disruptions in existing controls or the need for new ones.
As a result, the audit needs to improve its ability to anticipate risks related to new or changing processes before they can materialize. In other words, an audit must improve its delivery of foresight.
When internal audit provides foresight as processes are changing, project teams in the business report audit meaningfully contributes to risk reduction (67%), significantly improves control design (62%), significantly helps anticipate risks (60%), and identifies issues before they have a material negative impact (60%).
How Can UniAspect
Digital Help?
Our dedicated professionals serve our clients by bringing innovative approaches to help companies evaluate the effectiveness of their operational functions and processes.
UniAspect Digital designs and helps implement internal audit functions for Fortune 500 companies. We assess the risk across the organization and report our findings to management, the board, and other stakeholders.
We not only identify issues, but we work with management to address challenges and put the appropriate controls in place.
Regardless of a client’s industry – or whether an internal audit department already exists – UniAspect can create a framework tailored specifically to their needs.
We take a hands-on approach and work with our partners at all levels to ensure transparency. Our local resources are backed by a global network of professionals.
We assist clients with needs in the following areas:
- Internal Auditing Outsourcing
- Internal Audit Co-sourcing
- Internal Audit Partnering
- Quality Assurance Substantiation
- Audit Committee Advisory
- Independent Internal Delivery Audit
Information-gathering Approaches
One of the most reliable ways to learn about process changes is through communication with management.
Our auditors work on strengthening those relationships so that we can gain a complete understanding of the company’s plans and objectives.
In addition to having access to information and executives, maintaining positive relations throughout the business gives us an insider’s perspective of the firm’s strategic goals.
The current business climate and risk landscape are volatile, which makes it vexing to protect your company.
To succeed, you need an audit advisory that uses new technologies, works with other control groups and keeps executive management updated regularly.
How We Address Your Challenges?
If you want your Board and senior executives to be able to make decisions quickly, you need to give them actionable information.
This requires the audit department to get better at identifying emerging risks and validating that its assurance coverage meets the organization’s changing risk profile.
Our insights, advice, and tools will help you do this by:
Strong Data and Analytics Skill
Advance your data and analytics capabilities to stay ahead of thec curve. With digitalization, organizations are relying more and more on data-driven decision-making. Our audit functions have strong data and analytics skills to provide valuable insights for your business.
Create a Responsive Audit Function
Connect with prominent chief audit executives and gain novel, insightful information on handling risk data, customizing the audit plan, and authorizing your team to use current risk insights while completing audits.
Collaborate With Risk and Control Groups
For effective assurance activities, we collaborate with risk and control groups within organizations so that you can provide a consolidated view of risks to key stakeholders.
Improve Stakeholder Communications
Our audits explore new ways to communicate risks and control concerns, create more risk-responsive audit plans and foster a stronger relationship with other business decision-makers to improve stakeholder communications.
Why UniAspect Digital?
UniAspect’s Internal Audit methodology and framework helps to manage your evolving risk profile in a cost-effective way to ensure consistency in approach, execution and quality.
Our approach is based on the widely accepted COSO 2013 Internal Control evaluation framework and IIA Standards.
We are proud to offer our clients a methodology that is flexible and allows us to focus on each client’s specific needs.
Our goal is to establish seamless teaming with your organization, aligning resources and additional investments to meet these risk coverage needs.
Improve Compliance
Our approach follows a well-known and accepted framework for improved compliance.
Minimize Expense
With a custom process tailored to your company’s risk profile, you can save money on future costs.
Ensure Transparency
We ensure transparency by maintaining constant communication with your team through regular meetings. In this way, everyone is always on the same page and aware of our progress.
Check out what else we offer
Digital Growth & Expansion
We include this offering in our business model because we believe that the clients require validation when it comes to creating and executing strategies to drive the digital revolution
Value Chain Analytics
The ultimate goal of performing a Value Chain Analysis is to drive efficiencies and to create more cost-effective solutions for each segment leading to the after-sales efforts.
Digital Restructuring & Turnaround
If your business is facing organizational challenges, operating solely by old ways of thinking is a recipe for disaster.