Even the most versatile and valued organizations are bound to have some gaps in knowledge and resources. Solution-oriented company leaders appreciate and adopt the concept of supplementing resources in a variety of creative ways, including Internal Audit outsourcing, also called Co-Sourcing, which serves as a partnership between the Internal Audit team and externally contracted professional services firms.
In your relentless efforts to provide quality products or services to your organization's clients, keeping the budget with your profit margin in mind, you may have enacted - or are considering enacting - an Internal Audit contract to meet your company's specialized auditing needs without watching your budget spiral out of control.
If you're new to outsourcing, this can help you learn what types of supply agreements are available, in addition to Internal Audit outsourcing, to rule out other options. It is important to specifically consider the real need and the proper functioning of the Internal Audit function that you need to fill out for your organization:
In-House: A company maintains its own Internal Audit department.
Outsourced: An Internal Audit service provider, or independent accounting firm, comes in to conduct the specific Internal Audit function.
Co-Source: Internal Audit is performed by a partnership with a company's internal Internal Audit department and an externally contracted Internal Audit service provider. Outsourcing allows the Internal Audit department to work with a trustworthy Internal Auditing firm.
If you've never hired an outsourced Internal Audit Co-Sourcing professional, it can help you review some important Co-Sourcing considerations and expectations to help you get started:
· It works within your company's professional standards.
· Maintains institutional knowledge for future projects and assignments to avoid tracking.
· Understands the organization's culture and works with the Internal Audit team.
· Offers advisory services to auditing and senior management committees.
· Covers remote locations.
· Remains in good standing with the necessary members and certifications in relevant professional organizations.
· Approaches to provide advice to the Internal Audit team to develop best practices for the Internal Audit function to simplify processes and improve accuracy.
· Extends sector-specific knowledge to the internal auditing team through scheduled training sessions and on an individual basis.
· Helps to use Internal Audit as a means of providing internal promotions for valuable organizational team members.
· Maintains the knowledge base expected from the hiring organization for each potential engagement.
Contact TATICCA, which provides integrated auditing, internal auditing, accounting, tax, corporate finance, financial advisory, risk advisory, technology, business consulting and training services, for more information, at www.taticca.com.br or e-mail taticca@taticca.com.br and learn more. Our company has certified methodologies for carrying out activities.
