What is internal audit?
Internal audit is an independent and objective assessment of processes, control systems, and risk management within an organization. Its purpose is to identify areas requiring improvement and to enhance operational efficiency. It helps management make informed decisions based on reliable data.
-
Who is internal audit for?
The service is intended for organizations that want to strengthen risk control, companies in a growth or transformation phase, or those aiming to ensure compliance with IIA Internal Audit standards. We also support companies that already have internal audit functions through co-sourcing and independent evaluations of that function.
-
When to use internal audit?
As an organization develops dynamically and undergoes structural or process changes, the complexity of its operations increases, raising the risk of inefficiencies or irregularities that are difficult to detect without a systematic review. In such conditions, organizing and verifying processes becomes particularly important.
-
What you gain with internal audit?
You gain transparency of processes and identification of risk areas. You receive specific recommendations that improve efficiency and operational safety. As a result, you enhance management quality and reduce financial and operational risk.
Scope of internal audit
-
Implementation of an Internal Audit Function
We support organizations in properly positioning the internal audit unit within the organizational structure so that it can effectively perform its tasks. We also provide basic tools supporting internal audit operations and prepare necessary control documentation, as well as descriptions and process maps. We advise on identifying and assessing risks in business processes, while supporting the design of new or improvement of existing control mechanisms. We also assist in developing risk and control matrices and preparing audit plans tailored to the organization’s specifics and key risk areas.
-
Co-sourcing of the Internal Audit Function
We support entities in implementing audit plans and performing individual audit engagements, providing the necessary competencies and resources at every stage. We also offer access to experts with specialized knowledge in selected areas, enabling efficient execution of even the most demanding audit projects. This approach allows organizations to access required expertise exactly when needed, without maintaining a large permanent audit team and incurring fixed costs.
-
Outsourcing of the Internal Audit Function
Under internal audit outsourcing, our experts take responsibility for the comprehensive execution of audit activities in accordance with the approved audit plan and professional standards. We carry out all stages of the audit process-from planning and risk identification, through fieldwork, to reporting and monitoring the implementation of recommendations. Audit results are presented to the Head of Internal Audit, Supervisory Board, and Audit Committee in clear reports containing assessments of the audited area, identified risks and irregularities, and recommendations for improvement.
-
Independent External Quality Assessment of the Internal Audit Function (EQA)
As part of an independent External Quality Assessment (EQA), we verify whether internal audit activities comply with International Internal Audit Standards, regulatory requirements, and market best practices. We assess the organization and effectiveness of the audit function, presenting findings in a report that includes a compliance assessment and recommendations for improvement.
Implementation process
-
Defining scope and risks
We begin by gaining an understanding of the organization’s business model, strategic objectives, and regulatory environment. Together with management and key stakeholders, we identify the most critical areas of the business and the risks associated with them. Based on this assessment, we define the scope of work, priorities, and expected project outcomes.
-
Process and data analysis
We develop an in-depth understanding of the organization’s operations through the review of documentation, procedures, and data, as well as interviews with key personnel. We assess how processes have been designed and how they operate in practice. This enables us to identify potential control gaps, inefficiencies, and areas requiring further analysis.
-
Testing and control verification
We perform detailed testing of processes and controls to assess their effectiveness and compliance with applicable regulations, policies, and procedures. Depending on the nature of the area under review, we use data analytics, sample testing, process walkthroughs, and interviews with employees. We evaluate not only whether controls are appropriately designed, but also whether they operate effectively in practice.
-
Report and recommendations
We present the results of our work in a clear and structured manner, highlighting identified risks, their potential impact on the organization, and the root causes of any deficiencies. We provide practical recommendations tailored to the client’s business environment, risk appetite, and implementation capabilities. Our objective is to deliver actionable solutions that can be realistically implemented and generate measurable business value.
-
Implementation support (optional)
Upon request, we assist clients in implementing agreed improvement initiatives and corrective actions. This may include supporting the design of new controls, updating policies and procedures, and monitoring the progress of implementation efforts. By doing so, we help organizations translate audit findings into sustainable improvements in governance, risk management, and internal control processes.
We begin by gaining an understanding of the organization’s business model, strategic objectives, and regulatory environment. Together with management and key stakeholders, we identify the most critical areas of the business and the risks associated with them. Based on this assessment, we define the scope of work, priorities, and expected project outcomes.
Why Grant Thornton?
Grant Thornton is an audit partner that combines international standards with a practical business approach. We support organizations not only in identifying risks but, above all, in addressing them effectively and improving process efficiency.
We have experience in delivering internal audit projects for listed companies and organizations with complex structures, including taking over internal audit functions and auditing business processes.
We work in line with global internal audit standards, including those of the Institute of Internal Auditors (IIA).
We go beyond identifying irregularities-each project concludes with concrete recommendations, risk prioritization, and management support in decision-making. Our reports include not only observations but also practical, actionable solutions.
-
100+
auditors. A highly experienced and dedicated team
-
30+
years of presence in the Polish market
-
Ranked 5th
in the Rzeczpospolita Auditors Ranking
