Internal Control Services
Internal Audit is an integral and indispensable component of corporate governance. However, inside many organisations is greatly underestimated and underutilised, and largely completely overlooked by medium and small businesses. Yet, Internal Audit can be a valuable business partner for the Board and management in addressing existing and emerging business challenges, enabling effective risk management, internal control systems and operational performance.
Three Lines Model
The Three Lines Model was developed by the Institute of Internal Auditors. It defines how roles and responsibilities should be allocated within the organisation in order to ensure effective risk management and internal controls.
First Line
In an organisation, the first line of defence includes roles across core organisational functions involved in product or service delivery. These roles are at the forefront of identification and management of risks and execution of internal controls, for example, production, sales, procurement teams, marketing and sales department.
Second Line
Second line defence roles which provide support to first line functions and coordination of risk management and internal control. These supporting functions provide expertise and challenge the existing risk management practices. For example, these can include compliance team, internal control and risk management unit, legal department.
Third Line
The third line of defence is the independent and objective assurance function within the organisation that provides verification, validation, assurance and advisory support on all risk and control-related matters including assessment of effectiveness of risk mitigation. This is the domain of the Internal Audit Function.
How can LMC help
A modern internal audit function faces many challenges impacting its effectiveness and value to the business. Many internal audit functions are under-resourced and with the continuously expanding audit scope and complexity, there is a greater need for specialist skills and expertise. Yet, businesses need an internal audit function that can be responsive to its needs. LMC can help internal audit function continuously evolve and develop and provide experience and expertise to fill the capacity and skills gaps.
- Internal Audit outsourcing and co-sourcingEnsures that companies have sufficient and relevant skills, innovative approaches and niche expertise to fulfil their annual internal audit plans efficiently and effectively.Internal Audit function quality assessmentProvides an independent assessment to Internal Audit function's effectiveness and compliance with Global Internal Audit Standards, evaluates impact and helps optimise Internal Audit services.Internal Audit governance and oversightEstablishment of responsive and value-adding Internal Audit functions and viable governance structure that meet organisational needs in large and small organisations.Enhancement of Internal Audit Function effectivenessAssessment of Internal Audit maturity, impact and stakeholder satisfaction to increase effectiveness and leverage capabilities to generate greater value.Internal audit of AI-enabled processesPlanning and execution of internal audits for AI-enable business processes, risk assessments and related internal controls.Methodological supportDevelopment of Internal Audit governance documentation, instructional manuals, technical application templates and guidelines that meet international requirements and are suited to the particular work style of the Internal Audit Function.Why LMC is your partner of choice
- ExpertiseExtensive and successful track record in delivering internal audit support services.
- CollaborationWe listen to our clients’ needs and understand the challenges they are facing.
- AgilityWe deliver tailored and contextualised solutions to our clients with agility and flexibility.
- Individual approachWe use our experience, best practice, internal technical libraries and taxonomies to design solutions that are unique to every client.
CapabilitiesExpertiseContacts- Lynceus Management Consulting, 201- Al Suaidi, Deira - Al Marrar, Dubai, UAE
- lmc@lynceusconsulting.com
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