1. Setting-up a new audit function. This service primarily includes:
• Developing an audit committee charter
• Developing an internal audit charter
• Designing internal audit approach and methodology
• Designing an internal audit manual
• Designing audit programs and fieldwork plans in order to promote
standardized audit methodologies
• Conducting company-wide risk assessment and designing an audit plan
• Recruiting internal audit staff
• Training internal audit staff
• Promoting internal audit function within the organization
• Supervising pilot internal audit projects
• Designing performance measures to assess function performance.
2. Re-engineering existing internal audit functions: This includes assisting existing
internal audit functions in adding value by affecting a change process with
respect to audit planning, methodology, approach, reporting, follow-up and
automating the internal audit process.
3. Full outsourcing of internal audit: TAGI will take on full responsibility for
managing the internal audit function and performing all internal audit activities
based on a comprehensive risk assessment plan.
4. Co-sourcing of internal audit: This service provides the client with
the knowledge and skills to retain control of an in-house service
and supplement this with additional resources/expertise. Co-sourcing
will enable clients to meet their immediate needs in high-risk areas whilst
allowing time to prepare and train current staff to meet their needs.
5. Risk assessment and audit planning: An enterprise-wide risk assessment
of key strategic and business risks including business objectives, critical
business issues and key business processes. Also, assisting new or existing
audit functions in identifying the audit universe, conducting company-wide risk
assessment and designing risk-based audit plans.
6. Internal control structure assessment: Assessing the adequacy of the internal
control structure design and operating effectiveness and determining whether
risks are being managed and/or mitigated. In addition, designing
recommendations to address the identified weaknesses.
7. Internal audit training that entails building a valuable framework for
practitioners, e.g. seminars, conference, learning courses,etc. in order to
provide specialized internal audit training in the following areas:
• Preparation for professional recognition, e.g. CIA, CFE, CMA, CCSA.
• Operational audit
• Skills for the auditor in charge
• Report writing skills
• Risk-based internal audit
• Self-control assessment