​Product Description: ASD Consulting provides comprehensive External Quality Assessment (EQA) services, meticulously aligned with the Global Internal Audit Standards and the new Internal Audit Code of Practice. These assessments are designed to provide an independent and objective evaluation of an organisation's internal audit function, ensuring its effectiveness and adherence to best practices. The EQA will assess the internal audit function's conformance with the Global Internal Audit Standards and its effectiveness in achieving its objectives.

• Key Deliverables:

• Self-Assessment Facilitation: Support and guidance in conducting a thorough self-assessment prior to the on-site review.

• On-Site Reviews: Independent, experienced assessors will conduct on-site reviews including:

• Document reviews of the internal audit charter, policies, procedures, and past audit reports.

• Interviews with a wide range of stakeholders, including the board, senior management, and internal audit staff.

• Walkthroughs of audit processes.

• Detailed Reporting: A comprehensive report that includes:

  • An assessment of the internal audit function's adherence to all applicable standards, including ethics and professionalism.

  • Evaluation of the internal audit function's understanding and identification of risk and control issues.

  • An evaluation of the function's adherence to audit methodologies and procedures.

  • Findings, conclusions, and an overall opinion on the effectiveness of the internal audit function.

  • An explicit evaluation of the conformity of internal audit with the Code and the Global Internal Audit Standards.

  • Actionable Recommendations: Practical and tailored recommendations to enhance the internal audit function and ensure its continuous improvement.

  • Presentation to the Board Audit Committee: Results will be presented to the board audit committee, which is responsible for overseeing the EQA process.

Product Description: ASD Consulting provides comprehensive services for designing, implementing, and enhancing Quality Assurance and Improvement Programmes (QAIP). We offer different tiers of support, ranging from basic templates to fully bespoke solutions. This is to ensure the internal audit function conforms with the Global Internal Audit Standards and the Code of Practice. The QAIP should ensure the function achieves performance objectives and pursues continuous improvement.

• Key Deliverables:

• Basic QAIP Templates: Provision of standard QAIP templates to help smaller internal audit functions meet minimum requirements.

• Bespoke QAIP Design: Development of customized QAIPs tailored to the specific needs and complexity of an organisation, including:

• Quality assurance procedures.

• Continuous improvement methodologies.

• Reporting frameworks.

• Implementation Support: Hands-on assistance with implementing the QAIP, including training for internal audit staff on how to use it.

• QAIP Reviews: Internal reviews of the QAIP covering internal audit's understanding and identification of risk and control issues, and adherence to audit methodology and procedures.

• External quality assessments: Independent external quality assessment of the QAIP as required by the Code.

• Annual Reporting: Presenting the results of QAIP work to the board audit committee at least annually.

Product Description: ASD Consulting offers expert guidance in implementing the new Internal Audit Code of Practice (September 2024). The service includes a comprehensive gap analysis, tailored implementation plans, and ongoing support to ensure internal audit functions fully comply with the new requirements. The code provides principles for effective internal audit functions across financial services, private, and third sectors. It also promotes best practices.

• Key Deliverables:

• Gap Analysis: A thorough assessment of the current state of the internal audit function against the requirements of the new code. This will identify areas where changes are needed to comply with the Code.

• Tailored Implementation Plans: A detailed, customized plan to address identified gaps and ensure compliance. This will include timelines, responsibilities, and resources needed for implementation.

• Training Workshops: Training for internal audit staff on the key principles and changes introduced by the new code. This will ensure staff are equipped to implement and adhere to the new requirements.

• Internal Audit Charter Updates: Review and update of the internal audit charter to reflect the new Code, its scope and mandate.

• Ongoing Support: Continuous support to ensure the effective and sustained implementation of the Code. This may include periodic reviews and updates to ensure continued compliance.

Product Description: This initiative focuses on building a robust and sustainable data analytics capability within your Internal Audit team. We will work collaboratively to equip your team with the necessary skills, tools, and methodologies to leverage data effectively throughout the audit lifecycle.

• Key Deliverables:

• Data Analytics Strategy & Framework: A documented strategy outlining how data analytics will be integrated into the Internal Audit methodology, including defined roles, responsibilities, and governance.

• Trained Internal Audit Professionals: Auditors equipped with foundational and potentially advanced data analytics skills through targeted training sessions and practical workshops.

• Standardised Data Analytics Audit Procedures: Development of reusable audit procedures and templates incorporating data analytics techniques for various audit areas (e.g., accounts payable, payroll, inventory).

• Data Sources Inventory and Access Protocols: Identification of key data sources relevant to internal audits, along with documented procedures for secure and efficient data access.

• Proof-of-Concept Data Analytics Projects: Completion of initial pilot audit projects utilizing data analytics to demonstrate the practical application and benefits within your specific organizational context.

• Knowledge Transfer and Ongoing Support Plan: Documentation of the training materials, methodologies, and lessons learned. A plan for ongoing support and continuous development of your team's data analytics capabilities will also be provided.

Product Description: ASD Consulting provides an "out-of-the-box" solution for organisations that do not have an internal audit function or have a very small one. This will cover risk assessment, audit planning, and execution.

• Key Deliverables:

• Outsourced Support: Provision of a full internal audit function by ASD Consulting professionals.

• Risk Assessment: The development of a risk-based approach to determine audit coverage.

• Audit Planning: Development of a risk-based internal audit plan. The plan should be dynamic, flexible and updated to address emerging risks.

• Audit Execution: Completion of internal audit engagements based on the agreed plan, including the preparation of workpapers and documentation.

• Reporting: Delivery of final engagement reports with clear findings, recommendations and conclusions.

• Independence & Objectivity: Maintaining independence and objectivity while providing the outsourced internal audit function.

Product Description: ASD Consulting offers targeted training programs designed to enhance the skills and knowledge of internal audit teams. These programs will be offered both online and in-person.

• Key Deliverables:

• ◦Risk Assessment Training: Training on how to effectively perform risk assessments, including identifying, analysing, and evaluating risks.

• Control Framework Design Training: Training on how to design, implement, and evaluate effective control frameworks.

• Report Writing: Training to ensure that audit reports are clear, concise, objective, and constructive and include the engagement’s objectives, scope, recommendations and conclusions.

• Stakeholder Management: Training to develop the soft skills needed to maintain relationships with key stakeholders. This includes communication, advocacy, and collaboration.

• Online and In-Person Delivery: Flexible delivery options to suit the needs of different organisations.