An effective Internal Audit requires a diversity of skills that many companies find difficult to source and retain. Increasingly companies are leveraging the benefits of outsourcing to support their corporate governance and risk management requirements.
The Internal Audit’s objective is fundamentally assurance, supporting and helping embed a culture of risk awareness in a firm. Looking at the past and present to provide assurance that all activities are being carried out in accordance with the written policy, procedure and relevant regulations.
FAI assists clients by outsourcing and executing of a full scope, risk-focused internal audit plan with a designated in-house contact, who reports to the Board of Directors of our client:
- Implementing an Internal Audit Charter with the Board
- Implementing a Risk Based Internal Audit Plan
- Evaluating and contributing to the improvement of governance, risk management, and regulatory control processes using a systematic and disciplined approach
- Periodic reporting to Senior Management and the Board
- Providing ongoing support services
- Prepare the Annual Report of the Internal Auditor for submission to CySEC
At FAI, we tailor each package to suit our clients’ needs, from providing support and guidance to overseeing each and every function and being fully outsourced. This is done through our consulting process which involves a deep understanding of our client’s needs and goals; whether a Straight Through Processing model, a more complex Market Maker Model where clients Deal on Own Account to Portfolio Management and Investment Advice, we are able to put in place and oversee all the necessary requirements of the regulator.