Announcement posted by InConsult 17 Feb 2021
InConsult Achieves Highest Rating in Independent Internal Audit Quality Assessment
SYDNEY, Australia – February 17, 2021 – InConsult, an advisory firm specialising in end-to-end risk management, internal audit and business continuity services has announced that it has achieved the highest rating possible in an External Quality Assessment of internal audit services.
Director, Mitchell Morley said "We are delighted to advise that InConsult achieved top marks, the highest rating possible of “Generally Conforms” to the mandatory internal audit standards". He added, "At InConsult, we are committed to meeting the International Standards for the Professional Practice of Internal Audit and demonstrating quality and continuous improvement, but we wanted our clients to be assured that our internal audit approach and methodology is second to none".
"Whilst we believe we have high standards internally, we wanted to know what an external, objective and independent review of our systems and processes would say about the quality of our internal audit services we provide to our clients", he said. "Our internal audit clients are based in Australia, Asia, Europe and Americas, so it is important that the review is based on international internal audit standards.
In November 2020, InConsult engaged the Institute of Internal Auditors Australia to conduct an External Quality Assessment of internal audit services to assess InConsult’s conformance with applicable mandatory requirements of the ‘International Professional Practices Framework’ (IPPF) issued by the Institute of Internal Auditors (IIA), including the ‘International Standards for the Professional Practice of Internal Auditing’.
The review concluded that "Internal audit services provided by InConsult to their clients are performed professionally and generally conform with the Internal Audit Standards; this is the highest rating that can be achieved. Client organisations value internal audit services provided by InConsult. InConsult consultants performing internal audit services are experienced and competent professionals. Client stakeholders interviewed as part of the Quality Assessment expressed satisfaction with the internal audit services provided by InConsult.”
"Thanks to our dedicated team of experienced internal auditors, our current state of internal services is very strong" said Mr Morley. The review confirmed:
1. Internal audit services are well-managed.
2. There is focus on internal audit quality with some opportunity for enhancement.
3. A sound risk-based approach is adopted for internal audit planning.
4. There is a fit-for-purpose approach to planning and performing internal audit engagements.
5. There is a sound internal audit reporting approach.
6. Clients commented positively about InConsult relations with stakeholders.
7. There are solid internal audit foundations in place.
8. There is strong engagement with clients.
In terms of internal audit maturity, Mr Morley said "We scored very high – predominantly in the Managed and Optimising levels".
"So what does this all mean?" said Mr Morley, "simply that our clients can be reassured that InConsult is committed to high quality service delivery, continuous improvement and that our internal audit activities are conducted in accordance with the International Standards for the Professional Practice of Internal Auditing (Standards). This gives our clients and stakeholders another level of independent assurance, which is very important in these uncertain times".
"From one-off audits to a three year audit program, we tailor our internal audit services to suit each clients needs, business environment and budget using a risk based audit approach", said Mitchell Morley.
To learn more about how our internal audit services helps protect value, visit inconsult.com.au
Established in 2001, InConsult is a leading professional services firm based in Sydney with extensive local and international experience in risk management, business resilience, internal audit, corporate governance and risk management technology solutions. InConsult offers a comprehensive, end-to-end range of solutions to help public and private sector organisations effectively manage risks and improve internal controls to maximise opportunities. InConsult clients include ASX listed companies, not-for-profit organisations, international insurers and public sector organisations.
For more information, please contact:
Tony Harb, Director, InConsult
Telephone: 02 9241 1344