Demands on Internal Audit (IA) departments are always increasing. Corporate governance, risk management, and internal controls are all under increased scrutiny by regulators and stakeholders. Internal audit is considered to be the third line of defence in the organisations’ governance structures. IA functions are also becoming key for the success of those organisations which are not regulated, creating the required added value for its shareholders.
However, achieving effective IA capabilities requires a significant level of investment in skilled resources, methods, training, and technical infrastructure. This, coupled with a drive towards greater efficiency, has led organizations to critically re-think their IA function’s resourcing strategy.
Co-sourcing or outsourcing internal audit work reduces costs, increases the flexibility and continuity of organizations’ IA resources.
BDO can help organisations in their internal audit requirements by providing the following services:
- external quality review of the Internal Audit Department;
- outsourcing and co-sourcing of internal audit activities; and
- an interactive risk assessment.
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