Internal Audit Services
MGK Internal Audit and Risk Advisory Department
The main objective of our internal audit and risk advisory department is to protect and enhance the value of our clients’ businesses.
Risk based internal audit gives assurance to the Board and Management that the key risks facing the business are identified and well managed. The modern day internal audit role function plays a significant role in helping organisations achieve their strategic objectives.
With our ready expertise and capacity, we can work with you to set-up your internal audit function where none exists, build the capacity of an existing internal audit function through training, coaching, joint audits and quality reviews as well as provide internal audit services on a fully outsourced or one off basis.
Our services encompass the identification and evaluation of your risk appetite and develop good risk management practices to ensure proper mitigation of the identified risks.
The services we offer under internal audit include:
Outsourced internal audit services
We offer periodic internal audits services, Co-sourced Internal Audit Services and secondment of internal audit personnel.
We offer independent, objective assurance which adds value and improves an organization’s operations in compliance with IPPF (2017) Framework. In so doing, we help organizations accomplish their objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
Setting up of your internal audit function
We assist you to set up an internal audit function within your organization and give support to the internal audit officer.
Internal controls reviews and assessments
We review internal controls frameworks for effectiveness and efficiency and benchmark them against industry and emerging issues. We offer plausible recommendations on the possible remediation measures to address deficiencies or gaps noted.
We also offer internal controls advisory to new organisations before and during commencement of operations.
Information technology/Systems risk assessments and audits
Our IT audits are performed to assess information systems to ensure that they are operating securely and that sensitive data is secure and accurate.
Regulatory compliance reviews
We undertake tailored and comprehensive compliance reviews and audits and offer responsive recommendations to help organisation manage compliance risks and also most importantly plan ahead.
Business Enterprise Risk Management/Risk Assessment
Our Risk Management Methodology focuses our work toward developing an Enterprise Risk Management framework that enhances and aligns Risk with Strategy and Performance, manages risks across the organization, and accommodates evolving technologies and the proliferation of data and analytics that support decision-making.
Policies and procedures development
We develop tools, means, and methods to support the day to day operations/ perform specific tasks or processes in conformance with an applicable standard within which your organization operates in.
Governance audits
We perform an objective review of the governance structure and ascertain whether there are adequate checks and balances to ensure effective corporate governance.
Compliance audits
We perform an in-depth comprehensive review of your organization's adherence to the regulatory standards within the industry you operate in.
Capacity strengthening/Training and facilitating discussions about risks, controls and financial management.
We are specialized in equipping teams with the knowledge and tools necessary to navigate the complexities of risk management, internal controls, financial management and governance. We offer customized training sessions designed to meet your organization's specific needs. Whether it's enhancing internal controls, governance, risk management and understanding regulatory requirements, our training sessions/programs are customized to deliver actionable insights.
Our training approach is blended with practical application, ensuring your team gains valuable insights and skills that directly contribute to organizational success.
Data protection reviews data protection audits
Data continues to be an important currency in today’s organisations. The safeguarding of data across all mediums is of critical importance and the risks around data cannot be overlooked. Cases of data breach and the resulting reputation damage alongside financial losses in penalties and ransom demands have been rising.
To help you manage this risk, we offer data protection reviews on periodical or one off basis tailored to your organisation's needs and also to address the local and global data protection requirements.
Auditing of your risk department/ function
Where you have an in-house internal audit function coupled with an in-house risk function, there is always the risk of familiarity between the two. To manage this risk, you may consider outsourcing the audit review of the risk department to an external service provider. We offer independent internal audit review of risk departments on an annual basis or one off basis.
Awards/ Competition Assurance Audits
We will audit the selection process of the participants to ensure integrity, transparency and credibility, review the judging criteria, facilitate the judging process during evaluation of the participants’ projects as well as tally and tabulate the total fan poll for the finalists.
Capacity strengthening of risks, controls and financial management.
Whether you're aiming to strengthen internal capabilities or facilitate meaningful discussions on financial management, our services are tailored to meet your unique needs and challenges.