Transforming Internal Audit Function – A Case Study
The Internal Audit Challenge A fast-growing mid-sized diversified business group approached seeking support in establishing an effective Internal Audit function. While the company had a basic compliance and finance review process in place, they lacked a formal Internal Audit framework aligned to global best practices. Key challenges included: No formal risk-based Internal Audit Plan in place. Lack of clarity between Internal Audit vs. External Audit—most management viewed audit as a statutory requirement only. No structured process to assess operational controls, governance processes, and compliance effectiveness. Manual, reactive approach to identifying risks and control gaps. Increasing regulatory complexity and emerging expectations from stakeholders and board members. Absence of continuous monitoring tools or structured audit follow-up process. The management engaged Affiniax Partners to help build a modern, value-adding Internal Audit function aligned with their business obj...
