Setting up a new internal audit function


From July 2014, ASX listed companies are required to either establish an internal audit function or provide a public explanation of an alternative approach.

Our standing advice is that in most cases, if done well, establishing an internal audit function is a better investment than attempting to adopt and explain an alternative approach.  Conversely doing a tick and flick exercise is a waste of company resources and should be avoided.

The market for internal audit services is now highly mature allowing for a myriad of different combinations of in-house, virtual, contracted and outsourced services.

TDA has acted for some of Australia's most respected companies to design all of the above models, to get them something that is absolutely right for them and delivers the best outcomes for the best price.  

We can do this either by working alongside the responsible executives to advise them on options and best ways forward, or to manage the entire process.

TDA is not vendor-aligned and has no interest in particular outcomes other than getting you the best result.

If you want to get this absolutely right first time and highly productive from day one, give us a call.

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I engaged Todd to project manage the largest tender for internal audit services globally in 2010 – 2012.

He executed the project on time, on budget and to the highest quality of execution.

By doing so he fundamentally and positively improved the Rio Tinto internal audit function and – by extension – the control environment of one of the largest mining companies in the world.

Todd is, in my opinion, one of the pre-eminent global thought leaders on internal audit, risk management and corporate governance.

Todd's greatest skills lie in taking the ordinary to the extraordinary. He engages the unengaged. He inspires the uninspired.

If you are seeking someone that will fundamentally and positively transform your risk, audit and governance processes and functions I can think of no better person than Todd.


Tom McLeod, Head of Corporate Assurance, Rio Tinto plc