Audit & Assurance Advisory
Take-over of Internal Audit
Modern internal auditing provides independent and objective auditing and advisory services. Management values this essential monitoring tool. It assists in regularly adapting corporate processes to changing business policies or regulatory requirements.
The initial set-up or reorganization of an auditing department is therefore an important step in setting the course for successful corporate monitoring. VIVACIS supports and advises its clients in the outset and establishment of an internal audit including all processes and individual phases. In case it is not feasible for a company to establish an own internal auditing office, VIVACIS can offer these services in full. At times it may be useful for companies to partially outsource individual auditing tasks to external, specialized third parties. Reasons for this may include resource bottlenecks, flexibility in terms of time and personnel or the availability of specialized know-how. VIVACIS has developed the “VIVACIS Internal Audit Approach” for the execution of audit projects. This is divided into four stages: “Risk-oriented audit planning”, “Detailed planning and execution of the audit”, “Reporting” and “Quality assurance”.
In a working environment with ever faster changing requirements and digitization measures accelerating this process, internal auditing must face the challenge to adapt processes. VIVACIS is convinced that the use of agile working methods in internal auditing, such as Design Thinking, Kanban, or Scrum, can contribute to meeting this demand. In addition to the classic approach, we have developed the “VIVACIS agile internal audit approach”, which can be applied in individual mandates if it makes sense and is desired. Design thinking principles help to solve problems and identify alternatives in audit planning and execution. The use of the Kanban methodology offers solutions in audit planning and conception as well as in visualizing the status of tasks and bottlenecks in the audit. The use of Scrum offers opportunities to increase the quality, effectiveness, and communication of the audit work.
VIVACIS acts as internal auditor for numerous (capital management) companies and financial services institutions. Many of our clients make use of the advantages of the complete outsourcing of the internal audit and trust us as a dynamic and innovative partner. In addition, we are active in “co-sourcing” of partial projects for existing audit units or provide support in the set-up and reorganization of audit units, e.g., through the introduction of agile structures.
We are involved in the German Institute of Internal Auditing (DIIR) and our customers benefit greatly from this participation.
Preparation of ISAE 3402 control reports
Broken value chains and the appearance of service specialists is a central topic across all sectors. The service provider needs to proof frequently the functionality, security, and regularity of the transferred business processes, especially in the case of an outsourcing within the regulated environment. This is important information as part of the service provider selection process to ensure one’s own functioning internal control systems and to meet regulatory requirements. One way of credibly communicating and presenting one’s own performance capability is to be audited in accordance with the internationally recognized ISAE 3402 standard by a qualified and specialized auditor. The results are summarized in a standardized control report for to the beneficiary.
VIVACIS was the first company in Germany to prepare such a report in asset management in 2005. Only very few audit service providers can offer such vast experience in both the securities and real asset segments. Our clients benefit greatly from our expertise and established know-how.
Accounting is in a constant state of flux due to adjustments in standards. The integration of these requirements and constant changes poses challenges for companies.
We support our clients in the implementation of new accounting standards, in the development of accounting guidelines or the mapping of new standards in their reporting. In addition, we aid in the preparation of auditable documents and in the communication with the auditor.
The regulatory and (supervisory) legal working environment of our clients is subject to constant change. The appropriate analysis and interpretation of new regulations is often very complex and needs a lot of resources to be implemented. In addition, knowledge of the historical development of regulations is very helpful for their interpretation.
Within the scope of our Regulatory Services, we support our clients with a practical approach in addressing technical questions. Furthermore, we comment on new regulatory and (supervisory) legal developments as well as their interpretation and possible practical implementation in publications – for example in our newsletter “GetTheEdge”.
Take-over of internal audit
- Establishment & reorganisation
- Complete take-over (“outsourcing”)
- Partial project take-over (“co-sourcing”)
Preparation of ISAE 3402 control reports
- Recording/ documentation of process and control landscape
- Readiness check
- Mock review
- Type I and II reporting
- Accounting (HGB, IFRS, US-GAAP)
- Statutory- & regulatory reporting
- Answering of technical questions
- Expert essays