Internal Audit

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Internal Audit

Nowadays, companies face a dynamic environment: increasing regulatory requirements, growing complexity of business models, digital transformation processes, and a heightened level of risk characterize the day-to-day work of management, supervisory bodies, and functional departments.
Internal Audit plays a central role in effective corporate governance—as an independent audit and advisory function that creates transparency, identifies weaknesses, and helps to sustainably improve processes and controls while effectively mitigating financial and operational risks.
Our services are aimed at heads of Internal Audit, CFOs, compliance and risk officers, as well as executive boards and supervisory bodies seeking to professionalize their audit function, make it more efficient, and position it for the future.
We support you in establishing and further developing your Internal Audit function, as well as in conducting audits, implementing modern audit methods (e.g., data analytics, AI-supported audit approaches) and ensuring compliance with relevant standards such as IDW PS 983 and the Global International Audit Standards (GIAS). The goal is to strengthen the internal audit function as a strategic partner to management—one that not only addresses risks but also actively contributes value toward achieving corporate objectives.
In doing so, we rely on our proven support approach:

Step 1

Planning

Coordinating the detailed scope and schedule of the audit
Reaching an agreement on cooperation, communication, and documentation
Requesting documents, including the audit report, audit documentation (including working papers), and documentation of internal controls
Preparing the work program

Step 2

Implementation

Conducting audit procedures, including reviewing and evaluating the documentation provided, the audit report, and the working papers
Conducting interviews with the responsible auditors and those in charge of the internal control system (if applicable)
Evaluating the audit procedures performed and the internal controls
Identifying and coordinating potential issues and recommendations for action

Step 3

Reporting

Presentation of the audit results and findings in a final meeting
Finalization of the report, including findings and recommendations for action

Services

We take on the audit function, allowing you to get started with your audit activities right away—whether as part of our business partnering services or as a standalone service.

Establishing an Internal Audit function

If your company is facing growth, increasing complexity, or a major change (such as a planned initial public offering), we support you in the professional establishment of an effective internal audit function. This ensures that your processes and risk management remain transparent, effective, and under control at all times.

Outsourcing of the Internal Audit

Upon request, WTS Advisory can fully take over the role of internal audit for your company—typically with a single point of contact who coordinates all matters. We are responsible for the operational planning and execution of audits and ensure that your audit activities are carried out efficiently, in a structured manner, and with a consistent focus on risk.

Co-sourcing of Internal Audit

WTS Advisory supports you in the cooperative setup of your internal audit function: We work closely with your team and under your clear leadership to carry out day-to-day operations. Depending on your needs, we can handle individual audits or entire audit areas, and we also offer comprehensive operational and strategic support for the further development of your audit function.

In-House-Audit Advisory

We offer you traditional, targeted consulting on specific issues in the field of internal audit and, upon request, can also conduct individual audit engagements. In addition, we develop well-founded recommendations for the organizational and personnel realignment of your audit function to ensure it is optimally aligned with your strategy, risk profile, and company size. In doing so, we consistently take into account new regulatory and technical requirements—such as GIAS and other relevant standards and best practices—and support you in aligning your internal audit function to be future-oriented, efficient, and sustainably effective.

Governance systems

The Internal Audit function reviews and evaluates the adequacy and effectiveness of management systems (ICS, RMS, and CMS) and supports their ongoing development. Drawing on our expertise in legal requirements, internationally recognized standards, and best practices, we assess these management systems professionally and reliably. We identify opportunities for optimization, develop tailored governance solutions at the local and global levels, and report to management and the Audit Committee.

Data Analytics

We support you in the consistent use of modern data analytics techniques to analyze large volumes of data in processes and transactions. Based on a standardized process model and predefined audit logic, we systematically identify irregularities, patterns, and anomalies—ranging from process inefficiencies and policy violations to potential indicators of fraud. We translate the insights gained into clear recommendations for action and appropriate measures, enabling you to strengthen your control and governance structures in a targeted manner, address risks early on, and further develop your organization based on data.

Your contacts for Internal Audit

Natalie Wurms

Partner Advisory

München

+49 170 1163863

Natalie.Wurms@wts.de

Daniel Kub

Senior Manager

+49 69153917451

daniel.kub@wts.de

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Why choose WTS Advisory for internal audit?

Pragmatic thinking and decision-making, combined with a lean organizational structure, streamlined approval processes, and a high degree of flexibility—perfectly tailored to your internal audit function

FISG-compliant and independent through a deliberate and global decision not to conduct annual audits – no conflicts of interest in the provision of internal audit services

More than 100 countries are represented internationally through WTS Global—coordinated centrally from Germany, ideal for companies with legal entities abroad

Frequently Asked Questions about Internal Audit

How does internal auditing differ from other typical governance functions (internal controls, risk management, compliance)?

The internal audit function is an independent audit and advisory function that assesses, in retrospect, whether processes, internal controls, risk management, and compliance are designed to be effective and efficient. The internal control system, risk management, and compliance, on the other hand, are operational and steering functions that continuously establish rules, manage risks, and embed controls into processes. To put it simply: ICS, risk management, and compliance shape and monitor day-to-day operations, while Internal Audit independently audits these functions and reports directly to management or supervisory bodies.

What is the difference between internal and external auditing?

Internal audit is an independent, in-house audit and advisory function that continuously evaluates processes, controls, and risks and makes recommendations for improvement. External auditing (usually financial auditing) is performed by an independent third party and focuses primarily on auditing the annual or consolidated financial statements. While internal auditing supports management in optimizing processes, external auditing primarily serves to protect external stakeholders such as shareholders, banks, or investors.

What are the benefits of partially or fully outsourcing internal auditing?

By outsourcing, companies benefit from specialized expertise, up-to-date auditing standards, and flexible capacity without having to maintain a permanent in-house staff. This allows small and medium-sized businesses in particular to ensure a professional audit function that conducts independent audits, employs sound methodologies, and can be utilized in a cost-effective manner.

How often should internal audits be conducted?

The frequency depends on the risk: critical processes (e.g., payment transactions, IT security) are typically audited at shorter intervals, while lower-risk areas are audited less frequently. This is based on a risk-based audit plan, which is prepared annually and adjusted as needed (e.g., in the event of incidents or changes within the company).

What is the outcome of an internal audit?

The key output of an internal audit is an audit report that transparently presents the key findings and identified risks. In addition, the report includes specific, actionable recommendations for improving processes, controls, and organizational structures. Responsibilities and deadlines for implementation are also agreed upon, so that the effectiveness of the measures can be tracked and evaluated afterward.

Further topics you could be interested

Internal Controls & Process Assurance

Risk Management

Compliance Management

Board Advisory

Contact us today

Do you have any questions about our services or WTS? Please let us know. Please fill in our short contact form. We will get in touch with you as soon as possible.

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