"The FRC has just announced in their latest 3-year strategy that they want only 10% of audits covered by AQRT to be 'not up to standard'. It might surprise you to know that it's currently 30%! You may want to take a closer look at your auditors in your next external audit effectiveness review".

Reviewing and tendering internal audit

The UK Governance Code imposes requirements on audit committees to review internal audit effectiveness and there is growing awareness of the requirement of the International Audit Standard to have an external review of internal audit every 5 years. Audit Review can provide that external review.

Our internal audit reviews look at issues such as

  • internal audit processes and structures

  • the relationship between internal audit and other control or quality assurance functions

  • whether internal audit is focussed on what the company needs

  • internal audits relationships and ability to communicate with stakeholders and the perceptions of those stakeholders.

In cases where the review highlights significant issues it may trigger a tender. Whether on a fully out-sourced or co-sourced basis, Audit Review can manage your audit tender process.

Audit Review uses a tried and tested tender methodology which

  • clearly defines your audit tender objectives

  • examines any likely conflicts of interest

  • collects and manages the data the tenderers will require

  • designs the RFP document

  • objectively evaluates the responses

  • manages questions and meetings with management

  • assists in making a decision.