Supporting your third line of defense
- Internal audit outsourcing
- Internal audit co-sourcing
- Internal audit expertise
- Internal audit effectiveness
- Internal audit loan staffing
Internal audit are increasingly being called upon by Boards and Audit Committees to provide assurance on the governance and control processes in place within an organisation. We believe that internal audit plays a pivotal role in helping management drive business performance and in improving processes, controls, governance and risk management. It can help an organisation accomplish its strategic objectives by bringing a systematic, disciplined approach to evaluating and improving the effectiveness of risk management, control, and governance processes. Our Internal Audit team can help Boards and senior executives better manage enterprise risks.
We work with organisations to enhance the effectiveness, quality, and value received from internal audit. Our broad understanding of risks and areas of operational improvement — particularly the nuances of specific industry sectors and markets — can help internal audit functions improve their performance and operating efficiency and bring value to their organisations. Specifcially, we provide the following supports for our clients’ Third Line of Defense:
Internal audit outsourcing: Outsourcing engagements tend to be recurring in nature and comprise the performance of all internal audit activities including the annual planning, execution of the annual plan, and reporting to management and the Audit Committee. Under an outsourcing arrangement, the client may or may not have a chief audit executive in place within their organisation.
Internal audit co-sourcing: Co-sourcing engagements tend to be recurring in nature and comprise of an element of the total annual internal audit plan for an organisation. We work with organisations in order to understand where we can best help in the delivery of the plan so that you get the most from the engagement. We can also work with organisations on a project-by-project basis as they arise.
Internal audit expertise/SME sourcing: Subject Matter Expertise sourcing represents specific individual engagements where the client requires Deloitte's specialist skills and expertise to deliver internal audit services. Typically, Deloitte member firm professionals either conduct the entire project on behalf of the client or combine specialist resources with the client team to deliver the internal audit engagement.
Internal audit effectiveness reviews (QARs): The Institute of Internal Auditors (IIA) International Standards for the Professional Practice of Internal Auditing requires companies to conduct an independent quality assessment of their internal audit function at least once every five years. We can conduct the external assessment on behalf of an organisation and provide insights in order to more fully align to the standards.
Internal audit loan staffing: Loaned staffed engagements represent the provision of internal audit resources that are under the sole direction of the client without Deloitte oversight. This can be useful in order to supplement your own internal audit team where a client has insufficient resources.
Internal audit advisory: Internal audit advisory engagements represent assignments to assist organisations with internal audit services not captured by one of the other highlighted solution areas. Services in this area may include, for example, general consultative advice or training.