Internal Audit Co-sourcing

Description of Purposes and Deliveries of the service ?

The main purpose of the service is to provide internal audit resources to the client’s in-house Internal Audit Department to assist them to complete their audit plan for the year.

Deliveries of the service are reports presenting results of our audits, and if required meetings will follow to present issues to the client’s Audit Committee

Who are clients of the service?

Clients of the service are companies who have their in-house internal audit department but insufficient staff or expertise to complete the internal audit plan. Such companies may not have expertise in a growing range of specialist skills such as IT audit; data mining; data analytics and, (depending on the type of industry and size of the organisation), in depth knowledge of different regulatory regimes. It can be difficult and expensive to recruit, retain and invest in those people with specialist skills.

How is the service delivered?

The service is delivered through following steps:

• Project Planning

The client will determine the areas to be co-sourced to us and we will work with them on their expectations and the audit objectives that they seek to achieve.

• Project Execution

We will send our team to the fieldwork and perform the work in accordance to the methodology which could be the client’s methodology or ours but must be agreed by both parties prior to the start of the engagement.

We perform our work by using the International Professional Practices Framework (IPPF) issued by the Institute of Internal Auditors, Inc. and COSO Internal Controls Framework as a guide.

• Reporting & Communication

We will report to the client’s liaison person the results of our audits and if required, to present the issues to their Audit Committee.

How long does the service take?

It depends on how many audits the client wishes to co-source.