Internal Audit
August 24, 2023
Client’s Issue
MBG was appointed to provide Internal Audit co-sourcing services in relation to its existing group business, support functions and Branches.
- Scope of Work (Corporate Office and Branch):
- Process audits
- Branch control effectiveness assessment
- Review of internal audit plan
Approach
The approach used by MBG to perform this project:
- Documentation and update the Risk and Control Matrix for all business processes and support functions . Exercise included mapping control objectives and process controls to Company’s Business Risk Factors and COSO components
- Develop key analytics scenarios to facilitate branch audit
- Assess design and operating effectiveness of controls
- Develop rating framework to make branch control assessment and agree the same with Ex-Com members and Audit Committee
- Identify areas of improvement based on leading industry practices, and board approved policies. Documentation of key risk indicators
Results and Benefits
- Document / update all the processes and testing procedures
- Identify and agree analytic scenarios as a pre-work for executing branch audits.
- Data analytics results leading to centralizing 30 % of the branch audit testing procedures thereby creating efficiencies in audit and meet the timelines and having effective articulation and discussion of key improvement opportunities.
- Data analysis results contributing to approximately 45% of the observations for branch audits
- Benchmarking the design of business processes and underlying internal controls
- Develop branch control effectiveness rating to provide branch performance snapshot to the Ex-com members and Audit Committee
- Ongoing monitoring of key controls with specific focus on management action plans and periodic follow-up