Internal Audit Services
Internal Audit Services focuses on managing business and operational risks and identifying operational and profit improvement opportunities. The internal audit function is currently undergoing significant change, from being reactive, compliance-oriented, and historically focused to proactively anticipating business risk. It includes following primary services:
Provide an understanding of the client’s overall strategies and goals, the processes crucial to achieving these goals, and the business risks that threaten their achievement.
Preparation of a strategic business description and tailored business model, prioritization of business risks, a description of key business processes, and best practices for managing risks.
Develop a short and long term risk-based audit plan that focuses on managing risk and identifying operational and/or profit improvement opportunities along with the resource requirements necessary to execute the plan.
Co-sourcing: provide specific guidance or assistance with select risk management activities performed by the internal audit function when the client perceives its existing function as inadequate; manage discrete projects or provide experienced staff to work under a client’s direction; often the first step towards full outsourcing.
Outsourcing; used in cases where the internal audit department is perceived to be ineffective, not tied to corporate strategy, or unable to provide explicit value; results in a reengineered internal audit function.