The role of internal audit is evolving due to economic conditions, increased globalization, and new and emerging risks. These scenarios are creating a dynamic environment – and a new opportunity for internal audit to demonstrate its value. In this fluid environment, many companies are struggling to manage – and sometimes, even to identify – the complex risks they face.

Assessing and managing enterprise risks have become primary concerns of CFOs, audit committees, and other stakeholders. Internal auditors can shift their focus to address these concerns - and in the process, increase their strategic value to the organization.

Boro Management Services (BMS) provides a range of internal audit services, from outsourcing and co-sourcing, to Quality Assurance Reviews, that go above traditional financial reporting to help internal audit realize its full strategic potential.

Outsourcing and co-sourcing

For many companies, outsourcing some or all of internal audit is the most effective approach to achieving a high performing internal audit function.

Full or partial sourcing of your internal audit function can deliver:

• Increased value
• Reduced cost
• The right mix of skills and knowledge
• Access to world-class, global internal audit resources and capabilities
• Access to state-of-the-art technology
• Redeployment of management resources to other, more strategic uses

BMS's internal audit services professionals bring the right mix of internal audit experience, industry-specific knowledge and highly technical specialized skill sets into your internal audit function. Our approach provides flexibility with the right knowledge to deliver relevant and focused internal audit results.

Is your internal audit function realizing its full strategic potential? Talk to us about how Boro Management Services can help.

Internal audit advisory services

The dialogue among stakeholders, audit committees and the regulatory authorities on the role and performance of internal audit has never been more robust, or more candid. Getting the most out of internal audit is a business imperative. BMS delivers a range of advisory and consulting services that enable audit functions to:

• Enhance the quality, relevance and value of their services and deliverables
• Increase audit productivity and reduce overall costs and cycle times
• Improve client engagement, relationships, and satisfaction

How Boro Management Services (BMS) can help

Our services include:

• Performing Quality Assurance Reviews to provide a comparison against leading practices of high performing internal audit functions
• Benchmarking internal audit performance to evaluate the current state of the internal audit function against demonstrated best practices
• Establishing internal audit functions
• Developing strategic plans and supporting initiatives to transform internal audit functions
• Enhancing metrics and balanced scorecards to measure results and drive continuous improvement
• Conducting stakeholder analyses and establishing communications plans to enhance stakeholder engagement, relationships and satisfaction
• Performing risk assessments and developing audit plans to raise the level of internal audit performance
• Designing and supporting changes to internal audit structures, capability frameworks and talent models
• Enhancing internal audit methodologies and manuals to improve consistency of audit execution and use of best practices
• Advising on and supporting audit technology implementations to enhance the overall efficiency of the internal audit function and processes
• Developing and delivering training plans to enhance the skills of the audit staff

Talk to us about BMS’s commitment to quality improvement that goes beyond just compliance

Quality assurance reviews

Making quality count

Today, more than ever, leading organizations depend on the quality of internal audit. A business climate driven by demands for better governance, accountability, transparency and cost efficiency has created new demands on internal audit. In this new climate, audit committees and management are asking tough questions about the quality and effectiveness of their internal audit functions.

BMS has extensive experience in assisting audit committees and management in ensuring internal audit quality and effectiveness. Quality should be considered from three viewpoints:

• Effectiveness in meeting the needs of stakeholders
• Efficiency and effectiveness in the use of the internal audit best practices
• Compliance with applicable professional and/or regulatory internal audit standards and requirements

Internal audit must address all three dimensions to be considered high performing in today’s challenging environment.

Boro Management Services’ quality assurance review helps companies assess the efficiency and effectiveness of their internal audit function and recommend action plans to improve the performance and value of the function.