Driving external value from the inside out.

The internal audit process has evolved. It is no longer just a way to assess quality, but a strategy to drive value throughout the entire organization. BDO’s dedicated professionals serve our clients by bringing innovative approaches to help companies evaluate the effectiveness of their operational functions and processes.

For large and small businesses alike, we design appropriate internal audit functions – from conducting a thorough assessment of risk across the organization, to reporting 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 – BDO creates a framework individually suited to meet each company’s needs. We take a hands-on approach, and our partners are deeply involved in the work we do. With local resources backed by a global network of professionals that are available in over 160 countries around the world, our team assists clients’ needs in the following areas:

In establishing an Internal Audit relationship with BDO, our clients can expect flexibility, responsiveness, and experience. Our approach promotes collaboration, leadership, and support. 

Imagine an internal audit process:

  • Built upon routine meetings with your Chief Financial Officers, Audit Committees, and Senior Management teams. Our goal is to establish seamless teaming with your organization.
  • That aligns resources and additional investments to meet these risk coverage needs.
  • BDO’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, as well as your satisfaction with our services.
  • We have developed a methodology that is flexible and allows us to focus on each client’s specific needs.
  • Our approach is based on the widely accepted COSO 2013 Internal Control evaluation framework and IIA Standards.
Our holistic approach to the internal audit process covers:
  • Internal audit outsourcing
  • Internal audit co-sourcing
  • Internal audit partnering
  • Quality assurance review
  • Process and internal controls advisory
  • Audit committee advisory
  • Continuous auditing and continuous monitoring
  • Data analytics
Why BDO?
  • Reduce costs – Benefit from a custom process developed with your unique risk profile in mind.
  • Enhance compliance – Our approach adheres to a widely accepted framework for enhanced compliance.
  • Increase transparency – Key members of our team keep key members of yours involved in and apprised of every step of the process through regular meetings and clear communication.
Want to drive external value from the inside out? Team with BDO.

At BDO, we help our clients challenge the status quo. Rather than simply relying on “last year’s approach,” our team of talented professionals helps companies simplify – and strengthen – their processes and controls to be efficient and effective, while focusing on the risks that matter to them most.
We start by assessing our clients’ internal controls with a systematic, consistent approach, customized to their unique company and industry. By understanding your needs, we’re better able to identify gaps and recognize risk while finding opportunities for control improvement and optimization.

Our process includes:

  • Identifying the existing controls universe and quantification of the costs, process impact, and reliability associated with the operation and validation of those controls
  • Highlighting existing controls that mitigate and manage key risks, looking to leverage higher level and system controls; eliminating redundant, inefficient, or ineffective controls
  • Redesigning, automating, or implementing new controls to increase efficiency and effectiveness
  • Collaborating with external auditors to ensure recommendations for all control changes are agreed upon to ensure financial risks remain fully addressed and managed
  • Designing and implementing an oversight and reporting structure to monitor control effectiveness

Why BDO?
  • Increase compliance – We welcome the input of external auditors, as it helps us address and mitigate financial risks.
  • Measure efficacy – Detailed oversight and reporting helps monitor control effectiveness.
  • Refine processes – Data on existing systems informs changes that optimize policy process and controls.
Looking to simplify and strengthen your processes? BDO can help.

The primary objective of our approach is to evaluate an Internal Audit Department’s (IAD) conformity to The Institute of Internal Auditors’ (The IIA’s) International Standards for the Professional Practice of Internal Auditing (Standards) along with an evaluation of the extent of the IAD’s use of current successful practices and its program for continuous improvement.

In addition to assessing the effectiveness of the IAD function and its conformance to the standards, we:

  • Identify opportunities and offer recommendations for improvement
  • Provide counsel to the CAE and staff for improving their performance and services and promoting the image and credibility of the internal audit function
  • Help promote and enhance internal audit’s role in both financial and nonfinancial areas, as well as the expansion of its assessment, process improvement, and related consulting activities
  • Assist IADs in their evaluation of enterprise risk, assessing organizational controls, and including aspects of the governance process in the audit plans to assure that audit activities add value to the enterprise

 Why BDO?
  • Evaluate conformity – Determine how your internal audit process compares to existing frameworks and industry standards.
  • Identify opportunities – See areas for improvement and seize opportunities.
  • Maximize the organization’s value of internal audit – Reap the full benefits of the internal audit process.
 Looking to revamp your internal audit process? BDO can help.

BDO Knows Internal Audit. Our Risk Advisory Services team stands ready to help those in the internal audit function at public and private companies alike. Our team offers a deep understanding of industry issues, and we help clients design and implement global compliance programs, and drive results through internal audit.

As part of our dedication to the Internal Audit community, we’re happy to have been able to deliver this complimentary educational series for more than six years. If you haven’t already, sign up to receive invitations for our Internal Audit Webinar Series today.

BDO is engaged with the Institute of Internal Auditors (IIA) at all levels – locally, regionally, nationally, and globally. Watch for us at IIA conferences and events and in IIA publications.