LOB’s professionals offer an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
Internal audit outsourcing is the practice of engaging an external service provider to perform internal audit activities on behalf of an organization.
The primary benefit of outsourcing internal audit activities is that it allows organizations to access specialized expertise and resources that may not be available in-house. It can also provide a level of objectivity and independence that may be difficult to achieve with an internal audit team that is closely aligned with the organization’s management.
The outsourcing process typically involves the following steps:
Scope and objectives
LOB’s professionals work with the organization is to define the scope and objectives of the internal audit engagement, including the areas to be reviewed, the timing of the review, and the deliverables that will be provided.
Planning
LOB’s professionals develop an audit plan that outlines the methodology to be used, the resources required, and the timeline for the engagement.
Fieldwork
LOB’s professionals conduct the internal audit activities, which typically include interviews, document reviews, and testing of controls.
Reporting
LOB’s professionals prepare a report that summarizes the findings of the internal audit engagement and provides recommendations for improvement.
Follow-up
LOB’s professionals may work with the organization to monitor the implementation of any recommended improvements and provide ongoing support and guidance as needed.
Outsourcing internal audit activities can provide significant benefits to the organization, including access to specialized expertise, increased efficiency, and reduced costs. Our professionals have the necessary skills and experience to perform the internal audit activities effectively and provide value to the organization. We adhere to professional standards and have appropriate systems in place to protect the confidentiality of the organization’s information.
