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Internal and IT audit

Background
In an increasingly complex and evolving world, the importance of the organization’s governance, risk management and controls framework has never been greater. As the organization’s operations are changing there are constantly new risks arising that need to be monitored. Internal Audit play an important role in supporting the organization by auditing areas with high risk.

How we can help
Internal audit is an independent tool for the Board of Directors and management to evaluate the extent to which critical risks are being managed in an efficient and effective manner. Audits provide assurance that business operations and IT related services are delivered efficiently, effectively, securely and in compliance with regulations, to support business goals with acceptable risk levels. Our experienced consultants and subject matter experts bring you a personal and effective/efficient internal audit that gives you clear advise on business improvements and deeper insights.

Services provided
We offer a wide range of services in the audit area:

• You can outsource your Internal Audit Function to us which, in short, includes creating a risk-based audit plan, performing the audits, doing follow-up and report to management and the board.
• We can be you co-sourcing partner in one or more audits, where we can offer you experienced consultants and subject matter experts in several areas.
• We can also provide you with different interim solutions to fill temporary resourcing challenges such as interim CAE and interim internal auditor. We have several consultants with long experience from being CAE and all our internal audit consultants have extensive experience in the field.
• Within IT-audit we can offer both audits of IT and information security governance as well as more technical audits and compliance audits against regulations, standards and frameworks.
• In addition, we perform data analytics to provide assurance on high volumes of data transactions.
• We also have great experience from supporting service organizations in third party reporting using the ISAE standard.

Track record
A company in the financial sector needed to fill the Chief Audit Executive (CAE) position temporarily, with short notice . We were able to immediately fill the position with an experienced consultant with previous experience from leading internal audit functions. Due to high turnover in the audit department, we also performed some of the planned audits with our staff to keep up with the audit plan. Since none of the old staff was left when the new CAE arrived, we also ensured a smooth introduction and transition.

The Swedish Transport Agency faced severe negative attention in the media some years ago related to lacking governance of information security within IT operations. During the last years Transcendent Group has supported the Internal Audit function in their evaluations within these areas. Transcendent Group has participated in the yearly risk assessment by Internal Audit and has performed audits within information security and data protection, several strategic projects, and also supported with data analytics competence.

We also support service organizations in providing independent third-party audit reports, often according to the ISAE-standard. We see an increased demand for service organizations to provide independent assurance reports to validate sufficient information security controls, including management of personal data.  These are often recurring audits and we have been able to support clients during several years with experienced consultants, adding additional value.