Delivering On
Internal Audit

The primary objective of Internal Audit is to ensure a company's adherence to policies, procedures, and compliance with various regulations, all while striving to enhance operational effectiveness. In many regulated industries globally, setting up the IA function is mandatory. Kyte offers specialized expertise in areas such as Governance, Risk and Control, Fraud Management, AML/KYC Compliance, GDPR Compliance, Information Security, IT and Technical Setup, and Player Protection in Online Gambling.

The aim of Internal Audit (IA) is to provide assurance that the company operates in accordance with its policies and procedures, meets its goals and maintains compliance with licensing, regulatory and statutory obligations. Setting up the IA function is mandatory in many, if not all, regulated industries around the world.

Kyte are able to provide knowledge and expertise in the following specific IA areas as well as other more generic audits, such as operational audits, compliance audits, etc:

  • Governance, Risk and Control (GRC)
  • Fraud Management
  • AML/KYC Compliance
  • GDPR Compliance
  • Information Security
  • IT and Technical Setup (Systems)
  • Player Protection in Online Gambling (Responsible Gaming)

In line with the rapidly changing environment, in performing our work we are aiming to add value to the business instead of focusing on mere conformance.


Benefits of Outsourcing

As most of the regulated industries allow the IA function to be outsourced, there is an array of choices of how it can be arranged. It does not have to be fully in-house or fully outsourced. There are options such as partial outsourcing and co-sourcing.

Outsourcing of internal audit provides various advantages, for example:

  • it might be too expensive and impractical to maintain a full in-house IA function in certain circumstances,
  • an external provider can fill in gaps such as temporary shortage of IA staff, tight deadlines, coverage of remote locations and language requirements, specialized knowledge and technical expertise,
  • quicker start-up of the function, out-of-the box tool,
  • thoroughly tested audit techniques and methodologies,
  • a better way to maintain the objectivity and independence of internal auditors,
  • accumulating best industry practices and anticipating emerging industry risks,
  • continuous training provided to auditors in various disciplines,
  • management concentrates on improvements and implementing audit recommendations.

Scope of Services

The services provided by Kyte can range from simply establishing the IA function itself till complete coverage of IA activities. Examples of co-sourced arrangements are:

Assistance in Establishing the Internal Audit Function Assistance in Conducting Business Risk Assessment and Audit Planning Assistance in Executing the Audit Engagements 
Providing Assistance in:

  • Developing an audit charter
  • Considering the staffing model and structure
  • Formulating reporting responsibilities
  • Formulating policies and procedures for the IA function
Providing Assistance in:

  • Conducting an initial risk assessment
  • Defining the scope and authority of the IA function
  • Developing a risk-based Internal Audit plan
  • Defining the Kyte Global / client corporation model
Providing Assistance in:

  • Executing a particular audit engagement and/or
  • Participating on joint engagements with client’s in-house IA staff

Kyte Global is also fully capable of providing additional training to client’s employees in the above-mentioned areas of expertise.

How Does it Work

To establish the IA activity and assure that has sufficient authority to fulfill its duties, the internal audit activity’s Charter is to be approved by the board of directors and senior management.

Subsequently, the IA function yearly submits to senior management and the board a risk-based annual IA plan for review and approval. The Plan includes the list and relevant timeline of auditable areas during the year based on priorities and assessed risks.

IA function then performs IA engagements in accordance with the approved plan.

Raising standards since 2006.

Kyte Global, with clients in over 65 countries has established itself as a unique company providing a one-stop-shop to all your information security and compliance requirements.

At Kyte Global we attempt to add value in everything we do. Our services have evolved as a result of the growing needs of our clients. Regulations keep getting stricter, compliance requirements keep getting more onerous and clients find themselves spending more time addressing these issues rather than focusing on their business. At the same time, resources with the right knowledge and experience are hard to come by. Kyte Global tries to tackle these issues by providing a one stop shop to all the client’s needs. Kyte Global understands that Compliance is an effective way of ensuring that controls are implemented.

Internally, Kyte Global is organised in teams, each dedicated to a specific service, usually revolving around a specific standard or regulation. Some of these are PCI DSS, ISO 27001, GDPR, Internal Audit, AML, Gaming, Penetration Testing, Training to name a few. Each team is made up of trained professionals, all experts in their own field.

Over the years, Kyte Global has established partnerships with suppliers that develop and implement industry leading solutions so that it can make recommendations to clients who require such services or products. Kyte is proud to have a network of partners that can assist its clients, big or small, in virtually all of the industries it operates in.

>

News & Insights

Stay informed with our dynamic News and Insights section, where we share timely updates, industry trends, and expert perspectives to keep you ahead of the curve and informed about the latest developments in the field. Explore a wealth of valuable resources that empower you with knowledge and actionable insights for informed decision-making.