Case studies
Supporting an internal audit function's audit methodology refresh
A United Nations agency appointed ThinkingAudit to support its internal audit team in preparing for the Global Internal Audit Standards.
We carried out a gap analysis against the standards and reviewed the findings with the team. Actions were agreed collaboratively, using the process to strengthen understanding as well as conformance.
We then updated the audit methodology, internal audit manual and guidance, working closely with team members to ensure buy-in. We refreshed audit reporting for both individual engagements and the Audit Committee.
Domain III presented specific challenges due to the organisation’s governance framework. We provided advice to the Chief Audit Executive, including updates to the Internal Audit Charter and shared practical ways to explain the Domain’s requirements to the Board and Audit Committee.
The engagement concluded with a team workshop to embed the new working arrangements, alongside training on internal audit ethics and professional courage.
Outcome: a standards‑aligned internal audit function, clearer reporting, and increased confidence at Board and Audit Committee level.
Lessons learned review for annual reporting
A FTSE‑listed company engaged ThinkingAudit to undertake a lessons learned review of its year‑end reporting after another high‑pressure delivery of its year-end results announcement, investor presentation and Annual Report and Accounts. While deadlines were met, final approvals occurred only hours before publication, increasing risk and placing sustained strain on teams.
Our evaluation combined document analysis with interviews across Finance, Legal, Investor Relations, Communications and senior leadership. We identified three root causes:
- unclear executive ownership of the end‑to‑end process;
- fragmented planning across interdependent outputs; and
- the absence of a single, verified source of core business data.
These issues drove late changes, duplicated effort and verification and reliance on goodwill and key individuals to meet deadlines.
We delivered a root cause analysis with recommendations to help create a more controlled, resilient and repeatable year‑end process.
Risk workshop and training
Rachel from ThinkingAudit was approached to deliver risk management training for the trustees of a charity.
Initial discussions with the Finance Director showed that while refresher training would be useful, the real need was to understand how attitudes to risk differed between trustees and the executive team, and how those differences affected decision‑making.
Rachel designed a tailored programme using the charity’s existing risk management framework and language. This included a focused risk management refresher and a full‑day facilitated workshop.
Ahead of the workshop, members of the senior management team individually and confidentially shared their views on the risks facing the charity and which they considered most significant. A separate session was held with trustees to capture their perspectives. The two sets of views were then brought together during the workshop.
The most valuable part of the day was the structured discussion of where trustee and management views aligned, and where they differed. This created a shared understanding of risk, grounded in both strategic oversight and operational reality.
Following the workshop, ThinkingAudit provided the charity with the training materials alongside a summary of the discussions, key insights and analysis developed during the session. This enabled a refresh the charity’s view of its most significant risks, informed by both trustee priorities and practical operational experience.
Ongoing support to a chief audit executive
ThinkingAudit provided ongoing support to the Head of Internal Audit at a UK building society.
Our engagement began with a bespoke training course on managing difficult internal audit conversations.
Following this ThinkingAudit was invited to support the team in strengthening its approach and ways of working. This included constructive feedback on what constitutes a meaningful and proportionate Quality Assurance and Improvement Programme. We also supported the refresh of the internal audit methodology, providing challenge to ensure it met internal auditing standards while remaining practical and workable for a small team.
Over time, ThinkingAudit acted as a sounding board for the Head of Internal Audit as he addressed a range of challenges. We also delivered training on risk and control evaluation to build capability within the team.
The changes and support proved effective, and the internal audit function achieved a top conformance rating at its external quality assessment.
Independent assurance over risk management
ThinkingAudit was appointed to undertake an internal audit of risk management for one of the UK’s largest social landlords.
The dual role of Head of Audit and Risk meant independent assurance by the internal audit function was not possible. ThinkingAudit was asked to deliver the internal audit and report directly to the Audit Committee.
The review was delivered through a mix of remote and on‑site work. We reviewed risk registers, board and committee papers. We met with the Head of Audit and Risk, risk champions, audit committee members, and the Chief Executive and Chief Officers.
Findings were discussed with the Head of Audit and Risk, focusing on improvements and agreed actions. A formal internal audit report was issued, incorporating management responses, and presented to the Audit Committee. We attended the Audit Committee to present our findings and support independent discussion.