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Case Study

Head of Internal Audit Interim Cover for UK-based Global Asset Manager

The client

UK Based Global Asset Manager

The work

Our client engaged us to provide an experienced senior manager to act as Interim Head of Audit covering maternity absence. The role involved leading a team of professionals in providing a “first-rate” internal audit service which enhanced the control environment and promoted a broader risk awareness culture within a group of companies. This was achieved by working closely with the Management and Audit Committees in support of their corporate governance responsibilities.

How we helped

The first step was to meet with Senior Management and the Audit Committee Chair to establish the status of the annual audit plan and quantify the challenges faced by the internal audit team.

From this analysis it was identified that the annual audit plan could not be achieved due to the existence of incomplete prior year carry-over audits, team member long-term sickness, and the full-time assignment of two internal audit resources to support a major business initiative that was behind plan. Through effective discussions with management, a revised risk-focused and rebalanced annual audit plan was devised and agreed with the Audit Committee.

In addition, work commenced on clearing the backlog of unfinished audits and tasks, together with reducing the high number of aged and past due issues across the group that was the subject of Audit Committee adverse comment. Focus was applied to improving internal discipline, especially in respect of audit execution and the level of oversight and governance of risk and controls for services provided across the group.

Value added

By refocusing attention and adopting a pragmatic approach to the planning, execution and reporting of audits, the revised audit annual plan was achieved. The overall approach, number and severity of past due issues was tackled and reduced. In addition, attention to risk and control issues supported by the introduction of timely and meaningful metrics continued to build and raise the profile and perception of internal audit across the group.

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