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Internal audits
Providing peace of mind – with precision
Audits with added insight
Internal audit provides organisations with independent assurance over their systems, controls and processes.
At Price Bailey, our role is to work closely with you and to check that controls are working as intended, highlight risks and recommend practical improvement. Internal audit is not just about finding problems – it’s about helping organisations achieve their objectives.
In practice it is a two-way process. We agree the scope with you, focus on areas that matter and provide clear recommendations that truly add value to your organisation.
Partnering with a trusted firm for internal audit services isn’t just about meeting compliance, it’s about unlocking real business value.
A dedicated audit team brings fresh, independent insight into your operations, helping you spot hidden risks, streamline processes, and strengthen internal controls before issues escalate.
Who do we work with?
Our internal audit team have extensive experience in auditing a variety of organisations, typically completing anywhere from 70 to 100 audits per year.
Academy trusts
- Internal audit is required by the Department for Education.
- We act separately from your external auditor to meet ethical requirements
- Trusts often ask us to review a mix of financial and non-financial areas due to the breadth of regulatory guidance.
Not for profit organisations (NFPs)
- Charities
- Councils and other smaller authorities
- Scientific institutes
- Other independent organisations seeking assurance over controls and risk
Price Bailey has completed a comprehensive review of Ascendancy Partnership Trust’s Key Financial Controls. This was our first internal audit and Price Bailey provided invaluable support throughout the process. Their expert guidance helped us ensure that our financial controls were robust, aligned with best practices, and fully compliant. Their meticulous approach to reviewing our processes has significantly strengthened the integrity and reliability of our financial operations.
Price Bailey’s use of the Inflo portal enabled seamless and efficient collaboration, allowing for smooth data exchange and ensuring that all information was accurately compiled and reviewed in real time. This streamlined approach made the entire process more efficient and ensured that our submission was accurate and on time.
Chief Financial Officer, Ascendancy Partnership Trust
What do we review?
Our internal audit options cover both financial and non-financial areas. We update and expand these regularly to ensure we offer our clients the most relevant services.
While financial accuracy and compliance remain central, our internal audit offering also covers non-financial areas such as risk management, governance, GDPR, cyber security, disaster recovery, HR. and regulatory compliance outside of finance. We also offer bespoke reviews tailored to your requirements.
For academy trusts
Examples of issues we commonly identify in academy trusts
- Finance manuals or internal regulations not being followed in full
- Processes becoming outdated after new guidance is released
- Gaps in documentation or evidence for existing controls
- Limited awareness of newer risk areas such as cyber, sustainability and AI
- Difficulty keeping up with changing requirements due to limited staff capacity
- Our reports set out the issue, explain the impact for the trust and provide practical, realistic recommendations.
Areas that are often underestimated
Academy trusts are usually strong on traditional financial processes, but the bigger risks now sit in wider operational areas. Cybersecurity, data protection, sustainability obligations and AI policies can all have significant implications if not managed well.
These areas change quickly, and trusts can find it difficult to keep policies, staff training and governance arrangements up to date. A focused internal audit review can help identify gaps early and provide clear actions before these issues affect the trust’s operations or reputation. 
For not for profits
Common reviews conducted for NFPs
- Annual Governance and Accountability Return (AGAR)
- Business continuity and disaster recovery
- Cyber security
- External governance
- Fraud
- GDPR
- Grants and contracts
- Key financial controls
- People and personnel
- Procurement
- Rent/Housing
- Risk management
- Bespoke reviews tailored to your requirements
Examples of issues we commonly identify
- Finance procedures or internal regulations not being followed in full
- Processes becoming outdated as guidance, funder requirements or charity regulations change
- Gaps in documentation or evidence for existing controls
- Non-financial risk areas being underestimated such as cyber security and data protection
- Difficulty keeping up with regulatory expectations due to limited staff capacityOur reports highlight the issue, explain the impact and set out practical, realistic recommendations.
Our internal audit process
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Planning
At the start of each year we discuss your preferred schedule and agree the number of visits. This may range from one to four reviews depending on size and needs.
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Pre-audit preparation
A few weeks before each visit we request the information needed. For more detailed reviews we may send a short questionnaire to understand your processes in advance.
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Opening meeting
On day one we meet with the relevant lead, for example the headteacher, finance manager, IT manager or sustainability lead. We clarify processes, ask questions and confirm the scope.
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Fieldwork
Our team carries out the work over the agreed number of days. We follow up with any further queries as needed to ensure a complete and accurate review.
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Reporting and review
- Work is reviewed by a manager and then by our internal audit partner.
- A final report is issued to the organisation.
- We can present the findings at a board or committee meeting if requested.
We have the capability to conduct much of our internal audit work remotely and can accommodate your team’s schedule and availability.
Keeping our approach up to date
We invest in training and CPD to make sure our work reflects current risks. The team attends annual conferences and CPD training and updates our terms of references based on new guidance, client feedback and emerging risks. We’ll provide you with guidance on industry best practices and ensure you’re always informed of key changes.
Our online Insights Page is filled with relevant information for your business and sector. Additionally, we produce reports, newsletters and issue email alerts, as well as being in regular contact with you when significant developments arise that may impact your business.
At Price Bailey our Academies team is proud to offer a free unlimited helpdesk aimed at supporting our academy clients should they have a query that we either know or should know the answer to.
Every quarter our Academies team publish examples of the top queries that the helpdesk has received. You can read these findings here.
We have been extremely impressed with the internal audit service provided by Price Bailey. We have been using their services since 2020. The audit work has been thorough, efficient, and timely throughout the process. Communication has been clear and professional, making them a pleasure to work with. Their attention to detail and high standards have given us confidence in our compliance and governance. Highly recommended for any parish council seeking a reliable and professional internal audit service.
Responsible Finance Officer, Dersingham Parish Council
We can help
Contact us today to find out more about how we can help you
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