Organisations are facing an increased requirement for a robust internal audit function.
Law 162/2017 of 06 July 2017 sets out penalties for failure to comply with the requirements of organizing a proper internal audit activity, namely for:
- Failure to organize and perform the internal audit activity by entities whose financial statements are subject to statutory audit;
- Lack of an audit committee within public-interest entities..
The internal audit function provides boards, audit committees, management, regulators and other stakeholders with assurance that key organisational risks are effectively managed and that an effective internal controls framework is in place.
The Mazars Internal Audit team specializes in the application of risk-based methodologies for the delivery of efficient internal audit services. Having access to resources specialized in various industries, we are fully equipped to assist the organizations in meeting Internal Audit challenges such as:
- Strategic internal audit planning: helping organizations in developing an efficient and risk-based internal audit plan;
- Consulting for the internal audit function: support the internal audit function in the delivery of internal audit missions requiring specific knowledge (e.g. IT audit, big data analytics, forensic investigations, actuarial reviews);
- Internal audit missions: conducting internal audit missions as part of the organization’s audit plan;
- Outsourcing of the internal audit function: operation of an outsourced internal audit function (internal audit externalization, allowed under Law 162/2017) starting with the setting up the audit plan and delivery of the internal audit missions;
- External assessment of the internal audit function: in accordance with Standards 1310 and 1312 issued by the IIA, the internal audit function should be reviewed at least once every 5 years for adherence to the Standards and Code of Ethics and identification of opportunities for improvement;
- Set-up of internal audit framework: draft the internal audit policies, procedures and manuals for an efficient functioning of the activity;
- Internal audit training: providing training for an improved internal audit function.
Please see more about the provisions of Law 162/2017 here