Internal Audit

Complyport has become a provider of choice when it comes to the provision of Internal Audit services. Investment firms, payment and electronic money institutions and other regulated firms outsource their Internal Audit function to us, whereby, in our capacity as a ‘control function’ we act as these regulated firms’ third line of defence. 

During the provision of our services, we: 

• Utilise our thorough knowledge of the regulatory frameworks and our practical understanding of the financial services industry and the regulators’ expectations to perform periodic desk-based and/or on-site Internal Audit inspections using a risk-based approach, as well as the principle of proportionality. 
• Analyse our clients’ information, manuals and processes and draft customised plans prior to Internal Audit inspections, while reviewing the regulated firms’ policies and compliance requirements as stated by the law. 
• Review and evaluate on a systematic basis the adequacy and effectiveness of the regulated firms’ internal controls and operating performance against local and EU regulatory frameworks. 
• Assess the level of convergence of the regulated firms’ practices and operations with respect to the applicable legislation. 
• Assess the risks inherent in the regulated firms’ operations and provide recommendations on how these risks may be mitigated. 
• Undertake compliance checks on client identification, due diligence and anti-money laundering controls performed by the regulated firms. 
• Assess data, information and evidence received, draft Internal Audit reports that include major findings, weaknesses and recommendations, and communicate these to the regulated firms’ senior management and Board of Directors. 
• Undertake ‘Systems Audit Trail Verification’ inspections relevant to the systems, platforms and software involved, as part of the regulated firms’ activation, and assess their suitability, efficiency and level of controls to ensure valid, reliable, timely and secure input, processing and output during their operation in accordance with the local regulators’ requirements. 
• Undertake extraordinary Internal Audit investigations requested by local or other regulators in relation to possible infringement of the regulatory frameworks by regulated firms or other corporate incidents related to anti-money laundering, complaints or disputes with customers, etc. 
• Perform ad-hoc assurance engagements relevant to corporate governance, enterprise risk and risk management, fraud or incident analytics, etc. 

We continuously strive to add value and ensure that our clients remain compliant at all times by diligently reviewing and providing feedback on all aspects of our clients’ operations, promptly identifying weaknesses and risks and providing valuable insights and recommendations on how they may raise their level of compliance. 

For more information, please feel free to contact us.