Internal Audit Outsourcing
Outsourcing of internal audit to
Expansion of a company, business activities conducted in different locations, expansion of the organisational structure, an increasing number of transactions and their growing complexity are the elements contributing to the risk of error and abuse. Audit activities are also taken to identify inefficiencies, errors and unreliable management data. The internal audit department is usually the one to take responsibility for such auditing function.
Establishment of an internal audit department is a timeconsuming process that requires hiring qualified experts, setting up an action plan, and its maintenance needs constant financial outlays.
A solution to the operation of an internal audit department offered by Deloitte consists in outsourcing the organisation of the internal audit function to Deloitte experts who have the necessary experience in the areas of audit, accounting and internal control. Our model guarantees substantial cost savings, high effectiveness and quality of work, and eliminates the need for incurring significant operating costs, providing training and exercising supervision over the internal audit department, because Deloitte will take over all of those duties from you.
Thanks to our experience gained during audit work, various reviews of internal controls under the SOX requirements in companies of different sizes from different industries, thanks to our knowledge of the possible mistakes and errors, as well as the resources available to our experts, we can analyse your Company’s business activities and offer you the internal audit outsourcing services tailored especially to your needs.
Deloitte’s proposal in respect of the outsourcing of internal audit covers the following:
- Review and analysis of the organisational structure and business processes in your Company in the context of the risk of potential errors and abuse;
- Design of internal controls allowing you to monitor the correctness of the processes in the company and elimination of any potential irregularities;
- Implementation of the controls designed and monthly verification of the processes; Preparation of a report for the Management Board containing a summary of the work conducted, including details and recommendations regarding possible changes and improvements (in the areas where such improvements will be necessary) at the end of every period agreed upon between us.
Benefits for the Client
- Organisation and streamlining of the Company’s processes and on-going monitoring
- Reduction in the risk of abuse
- Elimination of inefficiencies detected in individual processes
- Cost savings as compared to running the Company’s own internal audit unit
- No HR and payroll expenses or duties resulting from hiring employees by the Company