What is Internal Audit?

An Internal Audit (IA) function is responsible for providing an organisation with assurance and advisory services.

Internal Audit aims to strengthen the organisation’s ability to create, protect, and sustain value by providing the board and management with independent, risk-based, objective assurance, advice, insights, and foresight (IIA, Global Standards 2024).

In the current VUCA (volatile, uncertain, complex, and ambiguous) world with increased stakeholder value demands, increased regulations (e.g. ESG, DORA, Whistleblowing, AI Act, and many more), and market pressure, organisations are required to provide independent, transparent and objective assessments of the effectiveness of their decision making, risk management, and governance. Internal audit is well placed to play a role in enhancing an organisation’s:

  • Governance, risk management, and control processes
  • Decision-making and oversight
  • Reputation and credibility with its stakeholders
  • Achievement of its objectives
  • Ability to serve the public interest

What can Grant Thornton do for you?

At Grant Thornton, we believe in the power of internal audit as a trusted critical partner for the business and the board. Our internal audit services aim to deliver insightful information to help you create a future-proof and sustainable organisation.

When partnering with you, we focus on delivering the independent, assurance, and advice services your organisation needs. We want to make business personal and help you gain the assurance you need while putting people at the center of what we do, so together we can build an IA function that adds insights to your decision-making process.

We recognize all organisations are different, and the demand for internal audit services will vary. At times we might help you, by taking your worry about internal audit away and running a completely outsourced Internal Audit function. Or we might partner with you to power up an existing internal audit team with our IA professionals and our subject matter experts in ESG, CSRD, Cybersecurity, technology controls, data analytics, or financial support.

From time to time, we might act as the specialist for specific topics which could be a one-off internal audit engagement: board effectiveness, internal audit training, etc.

Internal audit
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Outsource internal audit

Our outsourcing approach focuses on providing a first-class IA function and working with the Board and Audit Committee to plan and execute an audit plan designed to cover your key risk domains. The flexible approach can be tailored to your organisation's specific needs.

Grant Thornton is the third-party responsible for the methodology, quality, and management of the audit planning, conducting fieldwork, and reporting to the Board (the Audit Committee), allowing management to focus on other priorities.

Benefits

  • Access to experts for practical knowledge in internal control and risk management.
  • Ability to benchmark and share best practices across industries and sectors.
  • Access to Internal Audit methodology aligned with IIA global standards.
  • Full independent insight, while maintaining a close working relationship with the organization, while providing an adequate level of impartiality and independence for assurance and advisory services.
  • Project continuity in the event of a change of professional.

Co-source internal audit

Our co-source approach is designed to support our clients' existing Internal Audit function providing the assurance and advisory support the team needs. Our Internal Audit or other special matter experts (SMEs) will join your Internal Audit team to support them in delivering specific thematic audits, under your Internal Audit management and following your Internal Audit methodology. Our approach is flexible and adapted to the needs of the existing Internal Audit function.

Benefits

  • Access to the experience and knowledge of highly qualified specialists (SMEs) focused on adding value and improvements according to the needs of the client’s Internal Audit team.
  • Access to a global network of Internal Audit professionals, and additional expertise.
  • Market updates, sources of industry experience, and insight into current scenarios.
  • Knowledge transfer directly to your internal audit teams.

Interim Head of internal audit

One of our Senior Internal Audit specialists can lead our clients' Internal Audit function when needed and work with the Senior leadership, board, and audit committee to ensure the organisation establishes its IA functions and finds a permanent Head of IA.

Internal auditing

Integrated solutions for internal audit services

Our Internal Audit services are designated to provide you with strategic and operational risk oversights and to help your organisation enhance internal control. This will enable you to achieve effective risk management and to adapt, and act faster in an ever-changing risk environment.

We can support you with several specific internal audit areas:

  • Technology assurance 
  • Review of governance and board effectiveness
  • Culture & behaviour risk assessments
  • Data Analytics
  • Knowledge transfer through formal Internal Audit training
  • Conducting thematic audits: ESG, Cyber security, DORA, regulatory, etc.
  • Project quality assurance: A big project going on, where independent assurance is required? Internal Audit can play a role.
  • Loan personnel: our professionals work in client teams for specific periods.

Get in touch with our experts

Would you like more information on internal audit? Our experts are happy to help you out. 

Contact us

Our experts

Ralu Nistor-Lustermans
Ralu Nistor-Lustermans
Internal Audit Services Director
Amsterdam
View full profile
Christiaan Dommerholt
Christiaan Dommerholt
Partner | Head of Business Risk Services
Amsterdam
View full profile

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