Internal Audit; ICR and QAR

Internal audit (‘IA’) has transformed from traditional compliance–based approach into risk-based approach. It has strengthen its role to support Audit Committee in assessment of internal control system that used to manage key risks associated with business processes.

Pre-IPO internal control review provides the principal advisor an overview into extent of internal control gaps of the organisation. A risk-based assessment is critical to pin-point control gaps that need to be closed prior to the IPO exercise.

Quality Assurance Review (‘QAR’) on internal audit function helps organisations elevating their in-house internal audit function’s capability. QAR also helps strengthening working relationship between IA function with operating departments.

1. Outsourcing, Co-sourcing of Internal Audit; Key Controls Review; Data Analytics

What can business organisation expects from Tricor Axcelasia?

  • Support the Audit Committee in independent controls assessment exercise.
  • Taking lead in advising corporate and operational leaders on risk-based controls improvement requirements.
  • Provide insights on business control gaps for selective business processes or operating units.
  • Showing business managers the real messages behind various data and information.

What kind of strategic advantages & capability building that organisation can experience with Tricor Axcelasia?

  • Assist organisation in channelling their resources and attention towards core business functions.
  • Guidance to business managers on connecting their concerns with risks & controls thinking.

Our approach to help organisations realise their dreams & fulfill their needs:

  • Applying strategic and risk mind set in assessing internal control gaps.
  • Sharing of better & practical control practices for consideration.
  • Highly interactive and ‘constructive challenging’ approach to push for practical controls improvement initiatives.

2. Pre-IPO Internal Controls Advisory

What can business organisation expects from Tricor Axcelasia?

  • Providing independent feedback on areas that require enhancement prior to IPO exercise.
  • A comprehensive report on how to fill the major internal control gaps practically.
  • Working alongside of other business advisors in the IPO project.  

What kind of strategic advantages & capability building that organisation can experience with Tricor Axcelasia?

  • Create and raise awareness of business managers on application of risk and internal control thinking & mind set.
  • Sharing of better practices in controls enhancement.

Our approach to help organisations realise their dreams & fulfill their needs:

  • Clearly highlighting the priority of various observations to ease business managers in their improvement programmes.
  • Provide continuous support to advise on how to effect the recommendations.

3. Quality Assurance Review (’QAR’) on Internal Audit Function

What can business organisation expects from Tricor Axcelasia?

  • Independent assessment to identify improvements in running the in-house internal audit function.
  • Helping the IA team to understand the strategic mind set of Audit Committee and top management, followed by alignment of IA coverage with their priorities.  
  • Exploring ideas with in-house internal audit team on new ways of IA execution.

What kind of strategic advantages & capability building that organisation can experience with Tricor Axcelasia?

  • Adoption of new IA approach to gain the trust of business managers.
  • Improving the collaboration between IA function and business managers.
  • Upskilling of the in-house internal audit team members.
  • Changing the mind set of in-house internal auditors.

Our approach to help organisations realise their dreams & fulfill their needs:

  • Personal touch by Executive Director (‘ED’) – ED working directly with your IA team.
  • Apply & integrate strategic thinking into internal audit planning & execution.