Gain new focus on your business performance with BDO Internal Audit
Over the past few years, the internal audit function has been moving from one that serves as a “gatekeeper” to a “value creator.” Where internal audit used to “just” keep businesses out of trouble, it is now a tool to lift operations to a higher level. At BDO, our personal, innovative approach is based on our desire to help you gain new focus on business performance and create value over the long term.
We work to help you increase risk awareness in your organization, change employee behaviour toward responsible risk taking, contribute to organizational learning and monitor internal controls to assess risk exposure in light of risk appetite.
Still, the financial services environment is changing rapidly, and internal audit functions must adapt just as fast.
Our three areas of focus:
1. We adapt to changing market developments
Our clients are confronted with new technologies and customer preferences, greater enterprise risk, and ever-changing laws and regulations. This has a tremendous influence on the dynamics of business environments. We give our clients innovative internal audit functions to create external value from the inside out.
2. We turn insights into foresight with new technology
We help clients do more than just manage present risks, we are able to predict future resultsOur internal audit services have made the shift from not only providing hindsight and oversight, a “reactive” approach, to giving insight and foresight, a “proactive” approach, with technology-driven methods.
3. We ensure better alignment and accountability
It is important that the activities and responsibilities of the risk management and internal audit functions are well-aligned to prevent inefficient overlap and unnecessary business interruption. Also, the internal audit function should be accountable for its operations and impact on the organization. What are the key performance indicators for your internal audit function, and how does this contribute to the company’s strategic goals?
BDO’s vision for internal audit
At BDO, we believe that the internal audit function should adapt to your company’s environment and reflect your strategy and long-term business objectives. Industry leaders run their internal audit function as a business department, with its own key performance indicators and using the appropriate resources (e.g. skills, expertise). A well-functioning internal audit function will add value to your business in three ways:
With our internal audit services, we can monitor your internal control and the effectiveness of your business processes. We also make sure that you are always compliant to changing laws, regulations and internal policies.
Our integrated internal audit approach provides you with valuable business insights and helps you improve the efficiency of your operations and the performance of your company.
BDO helps you turn your insights into foresight to give you a competitive advantage. We always try to involve internal audit in key strategic initiatives to consult with management from a process and control point of view.
Our three pillars for success
The success of BDO’s internal audit services rests on three pillars. Together, they form the basis for long-term value creation throughout your entire organization:
Today, audits based solely on sample-based testing are not sufficient. Companies need the best technology tools available to gain deeper insight into their business and do it cost-effectively. With this understanding, BDO has implemented innovative tools and analytics methodologies that we use as an integrated part of internal audits.
Predictability of results
Your key risks and key performance indicators are the starting point when setting up an internal audit strategy because they help focus the organization on important goals. These may include improving productivity, reducing costs, launching new business models, or averting risks within current operations.
Creating a stimulating culture
In addition to procedures and regulations, the company culture and the behavior of employees are important contributors to an organization's success. At BDO, we have developed unique soft controls to identify these aspects and integrate them into your internal audit function with the objective of influencing behavior and culture in a performance-enhancing way.
BDO internal audit: Giving you precisely what you need. BDO can unburden you by delivering specific services and expertise to implement or improve your internal audit function.