Risk-Based Internal Audit (RBIA)
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Risk-Based Internal Audit (RBIA)
Driving smarter governance through risk-focused internal audits that prioritize high-impact areas, enhance controls, and align with strategic goals.
We provide structured Risk-Based Internal Audit (RBIA) services that go beyond traditional compliance, aiming to enhance governance, strengthen internal controls, and support strategic decision-making by focusing on high-risk business areas.
Nature of Assignments:
Development of risk-based internal audit frameworks aligned with organizational goals
Enterprise Risk Assessment across functional and operational areas
Process walkthroughs and control testing for critical business cycles
Audit of core functions such as procurement to pay, sales to receipt, inventory management, fixed assets management, finance function and HR function.
Assessment of design and operating effectiveness of internal controls
Identification of process gaps, control deficiencies, and business inefficiencies
Recommending process improvements, control enhancements, and risk mitigation strategies
Why BNPS for Risk-Based Internal Audit:
Successfully conducted for clients in pharma, chemicals, engineering, and service sectors
Customized audit plans based on client-specific risk profiles and industry nuances
Strong documentation, reporting standards, and focus on actionable recommendations
Practical risk mindset focused on preventive control design, not just detection
Independent and objective reviews aligned with IIA and ICAI Standards on Internal Audit
Audit automation and use of tools for sampling, exception testing, and analytics
Emphasis on strengthening the overall control environment and promoting risk-aware culture
Our Approach:
Phase 1: Risk Profiling & Planning
Understanding the business model, strategic objectives, and inherent risks
Finalization of risk-based audit plan in consultation with management
Phase 2: Field Execution & Testing
Process mapping, risk identification, and control walkthroughs
Testing control design and effectiveness with appropriate sample-based approach
Identification of gaps, irregularities, and improvement areas
Phase 3: Reporting & Recommendations
Root cause analysis and actionable suggestions
Management discussion and audit committee communication
Phase 4: Follow-Up & Monitoring
Review of implementation status of audit recommendations
Periodic updates to senior management and audit committee