Internal Audit for Financial Services

Because Experience Makes the Difference

In the financial sector, Internal Audit is of particular importance as an essential component of the mandatory risk management system. As the "third line (of defence)" in the Three-Lines approach, it helps ensure the quality of proper corporate governance and substantially influences assessments by supervisory authorities and external auditors. Banks, investment firms, financial service providers and insurance companies face several challenges: the ongoing regulatory developments and the tightening of supervisory requirements increase technical demands and complexity. Added to this are digital transformation and changing market and customer expectations, meaning topics such as AI governance are gaining importance and requirements for IT security, cybersecurity and other governance areas are becoming more stringent.

Our Services

Internal Audit is an independent, objective assurance and consultancy function within an organisation, that aims to assess and improve the effectiveness of governance, risk and control processes. It supports executive management and the supervisory board or audit committee through fact-based, risk‑oriented audits, recommendations for process optimisation, and transparent reporting. In doing so, Internal Audit ensures compliance and mitigates risks. Through its assurance and consulting activities, Internal Audit makes a substantial contribution to the assurance, optimization, and increased efficiency of organizational operations — covering both activities and processes as well as the internal control system.

We advise and support you on all audit matters with tailored solutions — either as a full outsourcing, operational reinforcement of existing audit functions, in specialist consultancy or through quality assessments in line with IDW PS 983 or DIIR Audit Standard No. 3. In addition, we support you in preparing for meetings and in communications with supervisory bodies to ensure transparency and compliance.

We perform the entire Internal Audit function on your behalf. In coordination with you and your designated Head of Internal Audit, we develop the audit universe and the multi‑year audit plan, including risk‑based audits. We agree the specific conduct of each audit with you on a regular basis. We independently assess the effectiveness of your risk management and internal control system, as well as the propriety of all activities and processes. We report findings continuously, without delay. Our approach and respective responsibilities are embedded within your organisational policies. Your dedicated BDO contacts coordinate our specialists as required to assemble the appropriate audit and subject‑matter team. We generally record documentation in our audit software and make it available to you upon request.

We provide targeted support for your existing Internal Audit function tailored to your needs, whether owing to capacity constraints, particular subject-matter, or for special audits and consulting requirements. Our industry‑focused setup enables the assignment of project managers and subject‑matter experts (e.g. IT, AML/CFT, regulatory reporting, securities/fund regulation, risk controlling, ESG, tax, crypto, model validation, valuation of complex instruments). We undertake audits independently or jointly with your team; the scope of our services is determined entirely by your requirements.

We support you with the setup, processes and regulatory requirements for your (existing or future) Internal Audit function, with establishing an audit function as part of a licence process, and with remedying identified supervisory deficiencies or optimising your audit processes. As an integrated audit and advisory firm, we provide practical solutions and train your team in technical and regulatory topics — remotely or on‑site, individually or in groups. In addition, we offer audits to certify your Internal Audit system in accordance with the German IDW PS 983 or DIIR Audit Standard No. 3.

Centre of Competence Internal Audit

For Internal Audit services, we are available to you via our dedicated "Centre of Competence Internal Audit" with specialist teams, delivering interdisciplinary, tailored one-stop audit services. The focus is on the financial sector, namely banks, investment firms, financial service providers and insurance companies, backed by audit‑specific expertise.

Our experts possess deep know‑how across all relevant subject areas and consistently meet the highest professional standards — both with respect to Internal Audit in Financial Services and to Internal Audit in the Corporate and Public sectors.

Our 360° Approach

Our highly specialised experts will assist you in all matters as a reliable partner with deep industry knowledge and many years of experience. We provide comprehensive advice — from strategy and process optimisation through to auditing and tax consulting. As one of the leading audit and advisory firms in Germany, we deliver holistic, tailored solutions in an integrated approach that are designed to meet your requirements and ensure your long‑term competitiveness.