What is internal audit? Risk assurance and governance explained

An internal audit service usually includes reviews of key risks, internal controls, governance arrangements, compliance, and operational processes, along with clear reports and recommendations to improve how the organisation operates. 

Internal audit is valuable for most organisations. In some instances, it is a mandated requirement, i.e. charities, schools and academies, public sector bodies, SMEs, and larger businesses, especially where operations involve complex risks, regulatory obligations, or heightened governance responsibilities. 

Regardless of whether it is required, we recommend internal audit as a key independent assurance activity that strengthens an organisation's third line of assurance and overall governance and risk management. 

Internal audit looks forward and focuses on improving controls, supporting ERM and overall risk management, and good governance.

External audit focuses on providing an independent opinion on an organisation's financial statements, mainly for statutory and regulatory purposes.

Risk assurance provides confidence that an organisation understands its key risks and manages them effectively. It focuses on how risks are identified, monitored, and controlled in practice. 

The purpose of risk assurance is to help leaders and boards make informed decisions, avoid surprises, and ensure risks are managed in line with the organisation’s objectives. 

Governance is the framework of rules, responsibilities, and decision‑making processes that ensures an organisation is well‑run, accountable, and delivers on its objectives. 

It is important for both non‑profits and commercial organisations to support strong leadership and long‑term success. 

Bishop Fleming provides practical, proportionate, and independent support to help organisations strengthen controls, manage risk, and improve governance.

Our experienced Internal Audit and Risk Advisory team works closely with boards, audit committees, and senior leaders to deliver clear insights, robust assurance, and meaningful recommendations, across a risk based internal audit plan. 

We can support you by:

• Delivering tailored internal audit services, from one‑off reviews to fully outsourced or co‑sourced internal audit arrangements
• Providing risk assurance, helping you understand your key risks and whether your controls are working effectively and as per the intended design
• Strengthening governance frameworks, ensuring roles, responsibilities, and decision‑making structures are clear and effective
• Supporting boards and audit committees with clear reporting, independent challenge, and actionable insights
• Offering pragmatic, real‑world recommendations that reflect how your organisation actually operates

Our approach is bespoke, risk‑focused, and aligned to what matters most to you, giving you confidence that your organisation is well‑controlled, resilient, and well‑governed now and for the future. We use our relationship skills to support you and provide that constructive challenge enabling you to think strategically and pragmatically. 

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