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Internal Audit Manual for a Financial Services Company

The Assignment
The Client is a public listed company in Bhutan, leading in the business of providing financial services including Insurance, Annuity, and Credit products. MaGC was engaged by the Client to develop a comprehensive Internal Audit Manual as part of streamlining its Internal Audit function.

MaGC Approach
The overall approach was to develop a comprehensive Internal Audit Manual to improve the efficiency and effectiveness of internal audit and also act as a ready reckoner for the internal audit department. The methodology included detailed fieldwork involving interviews with the key Audit personnel regarding audit agenda, audit processes, documentation procedures, audit methods, tools used, and so on.

The Output
The final output was a comprehensive Internal Audit Manual in adherence to IIA’s Standards. MaGC also developed a spreadsheet-based tool comprising of 50 checklists for the different audit areas.

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