What is the function of the Internal Audit department at Big 4 firms, particularly Ernst & Young?
So, basically internal audit is more
concerned towards consultancy work wherein we advise the clients that how they
can perform their process in more effective and efficient manner. So, we are not
concerned much with financials, rather we focus more on the process and find
the loopholes there in to plug them.
Type of engagements generally depend on the clients. At some clients, we used to check all the processes every year, on the other hand on some clients, we audit specific processes at few plants only depending what the client wants. Generally, we don't have any predefined checklist as the work is so dynamic. Different clients in different industries have different process frameworks. So, we generally focus on understanding the process first and then think what we can do to find the loopholes.
Apart from this, we used to perform other works as well as mentioned below:
1. Implementing compliance tool: Compliance became the most important aspect of business now a days as there are so many compliances. We have the compliance tools to monitor the same. So we implement these tools on the clients.
2. SOP and RACM drafting: I can't explain what these are in detail over here, but in short you can assume these are the written process and guidelines of the companies. We generally used to make these for the clients.
3. IFC and SOX testing: These are the testings to ensure that the internal controls are in place and operating effectively in the company. As mandated by the law, companies have to report these things in directors report and give the assurance to their statutory auditors. So, on behalf of client we used to perform this testing.
4. Data analytics: This is the most trending area now a days. We used to perform some data analytics and present that to the clients. It helps the clients to see the things through different angles and interpret them for the benefit of the company.
5. Physical verification of inventory
6. Conducting surveys in the market on behalf of clients
There are many other such works which even I have not come through. There is a lot to explore.
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