Internal Audit
Internal Audit is an independent and objective assurance and consulting activity, specifically designed to evaluate and enhance an organisation’s operations. At SALVUS, we view Internal Audit invaluable for the Board of Directors and the Senior Management of the organisation.
Our purpose is to understand and evaluate the strategy, business objectives, operational aspects and resources while taking the different stakeholders’ perspectives into primary consideration. With a deep understanding of the organisation’s unique needs and the extensive experience of the SALVUS Internal Audit team, we work collaboratively to develop a tailored Internal Audit Plan. The Plan addresses critical risks, processes, and performance indicators.
Please contact us at info@salvusfunds.com to discuss all your Internal Audit needs.
Value added
Each Internal Audit conducted by our team uncovers valuable insights for both you and your organisation’s operations. Our Internal Audit team leverages their technical and regulatory expertise, in reviewing all areas of operation that are subject to regulatory requirements and assesses their level of compliance. We prioritise our recommendations based on their impact, the emerging risks and the available resources. We maintain open and dynamic communication with the organisation’s key stakeholders, facilitating ongoing collaboration to track progress and achieve regulatory compliance.
Agile Internal Audit
We strongly support and apply the Agile Internal Audit methodology which prioritises answering the right questions efficiently at every audit stage. This approach emphasises the avoidance of lengthy reports and unproductive efforts, shifting the focus towards the impact of deliverables and continuous progress.
Our Internal Audit methodology encompasses:
- periodic desk-based and onsite inspections utilising a risk-based approach to identify potential weaknesses in established policies and procedures,
- interviews and discussions with key function holders, including process walkthroughs and assessments of technical systems,
- substantive testing on selectively chosen samples, considering the organisation’s regulatory obligations, and
- recommendations for mitigating identified risks and weaknesses and enhancing compliance with applicable rules and regulations based on our expertise and knowledge.
Our risk-based approach builds upon the Company’s business model and type of authorisation, the products and services offered, as well as the types of clients and markets targeted. Moreover, we closely align our priorities with the directives issued by the respective supervisory authorities.
The Internal Audit Plan is meticulously executed through comprehensive fieldwork, followed by a thorough report to the organisation’s Board of Directors. While reporting to the Board of Directors we anticipate, encourage, and proactively engage in meaningful communication with process owners and key stakeholders.
We embrace this approach to optimise our impact and align the interests of operational and business functions, support functions, the Board of Directors, and the regulatory bodies.
Additionally, the SALVUS Internal Audit team goes beyond the annual regulatory obligation by conducting interim internal audits. This involves monitoring our clients’ progress and focusing on the findings and weaknesses identified in last year’s report to ensure proper rectification.
Our Clients
SALVUS offers Internal Audit services to regulated entities within the investment and financial services sector. Our Internal Audit team specialises in offering services to a wide range of entities, including Investment Firms, Investment Funds, Fund Managers, Crypto-Asset Services Providers (CASP), Payment Institutions, and Electronic Money Institutions (EMI).
If you are interested in discussing more about your Internal Audit needs, please contact us at info@salvusfunds.com our Internal Audit team is ready to answer your questions.