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Internal Audit

With ever increasing importance on governance arrangements and the need for organisations to identify and manage all the risks that they face, Mutual One offers a value for money, risk based internal audit service across a range of sectors, including:

  • Building Societies
  • Friendly Societies & Mutual Insurers
  • Co-operatives
  • Other retail financial services providers, including banks and payday loan providers
  • Other organisations, including trade bodies and the public sector

Mutual One clients are based across the UK and are serviced by our audit team based at either our Northern or Midlands office. Currently all members of our audit team either have, or are at different stages of attaining, a recognised accountancy or audit qualification, with some members also having further relevant professional qualifications, such as the Association of Corporate Treasurers or Certified Information Systems Auditor. All audit team members have an ongoing comprehensive training and development programme in place to ensure that they have skills across the full range of auditable areas, including all specialist audit areas.

The basis of our internal audit client relationships are:

  • full internal audit provider basis, where Mutual One undertake all aspects of the organisation's internal audit requirements or
  • a partnership approach where Mutual One work closely alongside a Firm's own internal audit team, for example, where Mutual One provide specialist audit support in areas such as IT, treasury and compliance or
  • 'Standby Auditor support basis, where Mutual One provide a 'drawdown' facility to help organisations cover absences in their internal audit team or provide additional skills to help meet peaks in workloads or
  • Mutual One benchmark assessment of existing in-house internal audit arrangements against good practice.

A full risk assessment of each client's coverage requirements is carried out in conjunction with their Senior Management. An Audit Plan is devised and the depth and breadth of coverage is approved by the organisation's Audit Committee prior to the commencement of all audit work.

Audit work is undertaken following a risk based approach, and as well as highlighting risk management and control improvements in the organisation's processes, Mutual One's experience of similar organisations enables sharing of good practice.

A flexible, proportionate approach is maintained throughout the process thereby providing independent assurance to the Audit Committee.

For further information on how Mutual One's Internal Audit Services can be of assistance to you and your organisation, please contact Jonathan Pepper, Operations Director at jonathan.pepper@mutual-one.co.uk or phone: 07966 865196.