Internal Audit & Controls Assurance
Strengthening governance, controls effectiveness and confidence through independent, risk-based internal audit
What We Help You Achieve
We support Boards, Audit & Risk Committees and executives through independent internal audit and controls assurance services that strengthen governance, improve controls effectiveness and provide confidence that key risks are being effectively managed.
Our internal audit approach goes beyond compliance by identifying control weaknesses, operational inefficiencies and emerging risks – while providing practical insights and better practice recommendations that support confident, well-governed decisions.
The Challenge
Boards, Audit & Risk Committees and executives are operating in an environment of increasing scrutiny, regulatory expectations and governance accountability.
Poor governance, fraud, regulatory breaches, cyber incidents and conduct failures have all demonstrated the reputational and operational consequences of ineffective controls and poor oversight. At the same time, organisations are under increasing pressure to:
- Improve operational efficiency;
- Manage emerging risks;
- Strengthen governance and accountability;
- Monitor regulatory compliance;
- Oversee third-party arrangements; and
- Provide assurance that controls are operating effectively.
Without independent assurance, organisations can struggle to identify control weaknesses, emerging vulnerabilities and process inefficiencies before they become significant issues.
Our Internal Audit Philosophy
At JNW, we believe effective internal audit should do more than test compliance.
Internal audit should:
- Provide independent assurance and insight;
- Strengthen governance and accountability;
- Improve controls and process effectiveness;
- Identify emerging risks and vulnerabilities;
- Support operational improvement and cost savings;
- Benchmark against better practice; and
- Help organisations make better decisions.
Importantly, our approach is tailored, commercially focused and designed to create value – not simply produce tick-the-box audit reports.
Our methodology leverages contemporary “Big 4” better practices and recognised professional standards, delivered by experienced senior practitioners with deep governance, operational risk and controls assurance expertise.
We work collaboratively with Management and stakeholders throughout the audit process to ensure:
- Transparency and no surprises;
- Practical and balanced recommendations;
- Strong stakeholder engagement;
- Management ownership of actions; and
- Sustainable improvement outcomes.
Our solutions are designed to:
- Provide independent controls assurance and confidence
- Identify emerging risks and vulnerabilities
- Benchmark governance and controls against better practice
- Improve operational efficiency and process discipline
- Strengthen fraud prevention and integrity frameworks
- Support informed governance and decision-making
Our Internal Audit & Controls Assurance Solutions
Risk-Based Internal Audit Programs
We design and deliver strategic, risk-based internal audit programs aligned to organisational objectives, strategic risks and governance priorities.
Our services include:
- Outsourced/co-sourced internal audit arrangements;
- Strategic internal audit plans;
- Operational and financial controls reviews;
- Governance and compliance audits;
- Controls assurance projects; and
- Audit & Risk Committee reporting.
Our methodology focuses internal audit activity on the areas of greatest strategic, operational and financial risk exposure.
Controls Effectiveness Reviews
We assess whether controls designed to manage key risks are appropriately designed and operating effectively.
Reviews may include:
- Financial controls;
- Procurement and expenditure controls;
- Payroll and award compliance;
- Delegation of Authority compliance;
- Inventory and asset management;
- Revenue and cash handling controls;
- Fraud and whistleblower frameworks;
- Contract management controls; and
- Quality assurance processes.
A key differentiator of our methodology is the balance between governance assurance, operational practicality and commercial insight.
Governance, Risk & Compliance Assurance
We provide independent assessments of governance frameworks, risk management practices and regulatory compliance obligations.
This may include:
- Governance framework reviews;
- Policy and procedure compliance;
- Risk management framework assurance;
- Business continuity and operational resilience reviews;
- OH&S and operational compliance reviews;
- Contract and procurement governance assessments; and
- Board and Audit & Risk Committee governance support.
Our reviews are designed to strengthen governance maturity, transparency and accountability.
Operational Improvement & Benchmarking Reviews
Internal audit should also identify opportunities for operational improvement and efficiency.
We assist organisations through:
- Process improvement and redesign reviews;
- Benchmarking against better practice;
- Site benchmarking assessments;
- Controls rationalisation;
- Process redesign observations;
- Acquisition and integration assurance; and
- Operational maturity reviews.
Our practical recommendations help organisations improve efficiency, strengthen controls and reduce operational risk exposure.
Fraud & Integrity Assurance
We assist organisations to strengthen fraud prevention, integrity and misconduct governance frameworks.
Services may include:
- Fraud control framework reviews;
- Whistleblower framework assessments;
- Fraud risk assessments;
- Integrity and conduct reviews;
- Investigations support; and
- Fraud awareness and governance advice.
Our focus is helping organisations proactively strengthen integrity frameworks and reduce exposure to fraud and misconduct risks.
How We Deliver:
Our internal audit and controls assurance engagements are personally delivered by experienced senior practitioners – not graduate-led delivery teams – with extensive experience across governance, internal audit, operational risk and controls assurance.
We combine:
- Strategic insight;
- Governance expertise;
- Operational experience;
- Controls assurance capability; and
- Commercial judgement
to deliver independent assurance that is:
- Practical;
- Risk focused;
- Transparent;
- Value adding; and
- Aligned to organisational strategy and governance expectations.
Importantly, we maintain proactive stakeholder communication throughout engagements to ensure transparency, collaboration and “no surprises” reporting outcomes.
Outcome:
Clients benefit from:
- Increased confidence in controls effectiveness;
- Stronger governance and accountability;
- Improved visibility of operational and financial risks;
- Earlier identification of vulnerabilities and control weaknesses;
- Enhanced regulatory and policy compliance;
- Stronger fraud prevention and integrity controls;
- Improved operational efficiency and process discipline;
- Practical and commercially balanced recommendations;
- Increased Board and Audit & Risk Committee confidence; and
- Improved organisational resilience and preparedness.
Selected Experience
We have supported ASX-listed entities, government, financial services, sporting organisations and not-for-profit organisations to strengthen governance, operationalise risk management and improve preparedness, oversight and decision-making. Engagements have included:
Ridley Corporation Ltd (ASX Listed agricultural company)
- Since 2018, provided the outsourced internal audit function, reporting to the CEO and Audit & Risk Committee Chair
- Annually develop a Three-Year Strategic Internal Audit Plan aligned to strategic objectives, key risks, business initiatives and governance priorities
- Conducted audits covering inventory management, procurement, financial controls, Delegation of Authority compliance, whistleblower investigations, project governance, payroll compliance, manufacturing quality assurance, EPA & Chain of Responsibility legislative compliance and biosecurity BCP
- Conducted a peer internal audit quality assurance review benchmarked against the Institute of Internal Auditors Professional Practices Framework
City of Melbourne (CoM)
- Whilst at Deloitte, Jeff led the outsourced internal audit function for five years
- Conducted reviews covering project governance, event management, payroll, IT controls, business continuity, fraud control, procurement and risk management
- Reviewed procurement governance practices including conflicts of interest, approvals, transparency and contract management controls
- Conducted event risk reviews for major public events including the AFL Grand Final Parade, New Year’s Eve celebrations and Moomba Festival
- Reviewed theeffectiveness of the Fraud Control Framework against AS 8001 – 2008 Fraud and Corruption Control standard
Hawthorn Football Club
- Provided internal audit services covering club financial controls, including procurement, payment, corporate sales, membership, merchandise, receipting, payroll processing, bank, credit cards, IT systems access and status follow ups on previous recommendations
- For HFC, reviewed the effectiveness of the Board Sub-Committees and presented the findings to the Board
- Conducted a fraud investigation that resulted in a significant claw back of funds from a vendor
Adelaide Football Club
- Provided internal audit services covering club financial controls, including procurement, payment, corporate sales, membership, merchandise, receipting, payroll processing, bank, credit cards, IT systems access and status follow ups on previous recommendations
- For HFC, reviewed the effectiveness of the Board Sub-Committees and presented the findings to the Board
- Conducted a fraud investigation that resulted in a significant claw back of funds from a vendor
Melbourne Racing Club
- Co-source internal audit services with Management covering procurement, vendor management, accounts payable, payroll and corporate card controls
- Provided controls assurance and operational improvement recommendations
Federation University Victoria University
- Conducted internal audits covering contract management, fraud governance and follow-up reviews of audit recommendations implementation
- Assessed the controls supporting and efficiency of the VET enrolement process