Internal Audit

The internal audit function enhances and protects organizational value by providing risk-based and objective assurance, advice, and insight. More than ever, the value-added expectations of internal auditors by management and the board, coupled with a renewed emphasis on strategic and operational risk management, have created fast-moving changes in the organizational and external risk landscape that internal audit professionals must keep pace with. To successfully meet our organizational challenges and the continuously evolving risk landscape, an organization’s internal audit function requires the necessary tools, techniques, and professionals to address current and future challenges efficiently, proactively, and optimally. 

Richter’s internal audit professionals offer customized value add solutions to meet your organization’s internal audit needs and challenges, including bridging the gap on specialized skill set requirements such as information technology. Our seasoned team can help demonstrate the value of your internal audit function to management and the board. We help ensure that your organization is better equipped to achieve its strategic objectives, including providing solutions that are right-sized to your organization but align with best practices and your competitors based on our experience. Our internal audit offerings include the following: 

Internal audit strategic advisory 

Creating or enhancing your internal audit processes can mean adopting an enhanced strategy, vision, and new methodologies, techniques, and tools. Richter can help establish an optimized internal audit culture through strategy, methodology, and techniques development or redesign and provide training based on leading industry practices.  

Developing the internal audit plan 

Developing an internal audit plan requires knowledge of the business, the risks, and the stakeholders involved in the audit process. We can help you determine your audit universe and develop a plan that will maximize your resources while ensuring that all high-risk areas of the business are addressed. 

Strategic sourcing (outsourcing and co-sourcing) 

We can assist with the deployment of your internal audit mission and vision, from performing all internal audit activities through an outsourced model or partnering with your in-house internal audit function to augment areas where a specialized skillset or specific area of expertise is required.  

Information technology internal audit 

Acting as your subject matter expert advisor, we can help to assess and address risks related to IT, applications, networks, and infrastructure through a co-sourced model. 

Quality assessment reviews 

Quality assessments are essential and activities related to the quality assurance and improvement program of your organization’s internal audit function are required under the Institute of Internal Auditors (IIA) standards. As such, we offer internal audit file review services on a sporadic basis. We will also perform independent quality assessments of your internal audit activities and provide an opinion on whether these activities are conducted in accordance with the International Standards for the Professional Practice of Internal Auditing.