Internal Audit & Risk Governance

Overview

External audit tells shareholders whether the financial statements are fairly presented. Internal audit tells management and the board whether the business is actually being run the way it is supposed to be run, whether controls exist, whether they are followed, and where the real exposure sits. LeapWise provides internal audit, information systems (IS) audit, and IT security review services, together with SOP development and risk governance advisory.

We work as an independent, objective function, either running your internal audit programme end-to-end or co-sourcing alongside a smaller in-house team, testing controls across financial, operational and technology processes and reporting findings directly to those who own the risk.

Who Needs This Service

Companies without a dedicated internal audit function
Boards and audit committees requiring independent assurance
Businesses that have experienced fraud, leakage or control breakdowns
Organisations undergoing rapid growth that has outpaced their controls
Companies needing an IT security or systems-access review
Businesses preparing formal SOPs and delegation of authority frameworks

Our Approach

Risk Assessment

We identify and prioritise the areas of highest financial, operational and technology risk to your business.

Audit Planning

A risk-based internal audit plan is agreed with management or the audit committee, covering the priority areas first.

Fieldwork & Testing

Controls are tested against actual practice, walkthroughs, sampling, and where relevant, IT systems and access reviews.

Reporting & Follow-up

Findings are reported with practical recommendations, and we track remediation through to closure.

Key Benefits

Independent visibility into where controls are weak or absent
Earlier detection of errors, leakage or irregular activity
Defensible, documented processes for owners, boards and regulators
Reduced reliance on any single individual’s judgement or memory
Stronger IT access controls and systems security posture
A practical SOP and governance framework your team will actually use

Frequently Asked Questions

Is this the same as our external statutory audit?

No. Internal audit is independent of, and complements, the external audit. It focuses on controls and operations rather than expressing an opinion on the financial statements.

Can you work alongside an existing internal audit team?

Yes, this is a common co-sourcing arrangement, we can supplement an in-house team’s capacity or bring specialist skills such as IS audit.

What does an IS/IT audit actually cover?

Typically systems access controls, segregation of duties within ERP or financial systems, data security practices, and IT general controls relevant to financial reporting.

How often should internal audit be performed?

This depends on the size and risk profile of the business, ranging from a continuous rolling programme to periodic reviews of high-risk areas.

Internal Audit, IS Audit & Risk Governance