Outsourced Internal Audits

Outsourced Internal Audits

  1. Overview

The internal auditor (IA) function has traditionally been maintained in-house as part of the management control system (MCS) . However an increasing number of companies are recognising the benefits of finding a strategic partner to support an existing internal audit team or to provide a fully outsourced internal audit function.

  • Is your organization struggling with the daunting challenge of  Establishing and maintaining an effective internal auditor (IA) function and department ?
  • Do you find it difficult to recruit and retain internal audit professionals with the necessary skill sets?
  • Are you concerned that your internal audit function is not adding sufficient value to your organisation?
  • Your full-time Internal Audit team is not proving effective and efficient in terms of cost and time for your organization?
  • Are you unsure that the person trained will always be available to manage your Internal Audit requirements ?
  • Are you worried about the operational risk within your organisation?

Seven Step Consulting will assist your internal audit function in determining the areas of risk and the levels of risk to be reviewed, and recommends and performs audit procedures approved by the your Internal Audit Programme Manager. Some of the services we deliver include:

  • Internal Audit Planning: Seven Step auditors plan the entire Audit Program
  • Internal Audit Performance: Execution of the audit plan
  • Internal Audit Completion: Seven Step Consulting team of auditors evaluate the audit performance & report the audit results to the management.
  • Internal Audit Evaluation: Close out of corrective actions
  • Stay focused on your core business and strategic plan

In addition, the Seven Step Consulting auditors would work jointly with your Internal Audit Programme Manager in reporting significant findings to the board and/ or its audit committee.

  1. Approach

You  can hire fully dedicated Seven Step  internal audit professionals, as they are needed, without the day-to-day managerial requirements an internal department would require. Internal Audit outsourcing arrangements with Seven Step Consulting can take many forms and are used by institutions of all sizes.

The services under contract can be as limited as assisting internal audit staff with an assignment in which they lack expertise. Other outsourcing arrangements may call for Seven Step Consulting auditors to perform all or several parts of your internal audit work.

  1. Benefits

The principal benefits to you are:

  • Access to experienced auditors and best practice
  • Access to technical and industry specialists
  • More focussed use of internal audit budget
  • Flexibility of costs and budgets
  • Eliminate training and technology investments unrelated to your business
  • Receive quality services at lower cost
  • obtaining access to our broad range of internal audit expertise that would otherwise be too expensive to maintain internally
  • Gain a new level of insight by drawing upon value-added audit services of experienced, highly trained professionals.
  • Increased assurance at board level with respect to risks and controls
  • Better corporate governance and awareness of risk management
  1. Deliverables

The key deliverables include:

  • Monthly status report post Internal Audits will be generated followed by discussions required between your Internal Audit Programme Manager and the Seven Step Consulting  Auditors
  • Bi-annual Management reviews.
  • Onsite support for certification, surveillance, compliance, or other internal audits as required.