We understand that every organisation operates differently, which is why we develop a customised solution tailored to your organisation’s unique situation, needs and resource capabilities. Baker Tilly’s internal audit engagement methodology encompasses three phases, starting with an in-depth understanding of your organisation’s objectives, administration, and strategy:

Phase one

Phase one is about understanding your organisation’s objectives, culture, administration, and strategy to provide a strategic and structured view of risks within your organization, as well as the interdependencies between risks at multiple levels.

Phase two

Phase two involves developing or refining the needed audit activities to address risks and provide a link between the proposed audits and high priority risks to ensure that the audit activities are clear, understood and relevant. At the onset of each audit, we assess your objectives, significant processes, applicable systems and most relevant risks to define a scope for the audit activities.

Phase three

Phase three entails a disciplined approach to executing audits to confirm that audit objectives are achieved on time and in budget. At the completion of the project, we work with your organization’s management team to finalize observations and create a report inclusive of significant audit findings, recommendations and implementation timelines. A follow-up on audit findings may be performed when the applicable function is audited again as a part of the normal audit plan or when, corrective actions are performed.

 

Sample risk taxonomy tailored to life sciences companies

We base our approach to managing enterprise risk on our in-depth understanding of the risk profile of life sciences companies. A non-exhaustive list of the sample risk taxonomy is provided below.