Outsource Internal Audit
Whether you are looking to accelerate the establishment of an Internal Audit function or realize cost savings by moving to an outsourced model, SAAS Consultants can provide your organization with a complete outsourced solution to get results fast. We are adept at preparing annual enterprise risk assessments; planning and scheduling audits; performing audits and reporting audit results; and presenting findings to Executive Management and Audit Committees. We have the breadth and depth of skilled Internal Audit professionals to meet the needs of most organizations.
Internal Audit Outsource Methodology
When outsourcing an organization’s internal audit function we typically begin with an Enterprise Risk Assessment (ERA). This includes:
•Determining key operational, regulatory and financial reporting risks;
•Evaluating, at a high level, current risk management processes; and
•Preparing a report of key risk areas to be audited in the future, including those that may improve efficiency, reduce exposure to fraud and errors, and improve accuracy and completeness of financial information.
Our ERA methodology incorporates a sequential phased approach. However, in some instance we can incorporate certain tasks that have already been performed to accelerate our process through the remaining phases.
Once the risk assessment has been completed and the report delivered to Executive Management and the Audit Committee, saas will prepare individual Statements Of Work (SOWs) for audits base¬¬d on the findings and levels of risk that can be executed in the future.
Key Advantages of Outsourcing an Internal Audit Department
•Cost Savings: Companies can realize up to 50% savings.
•Flexible Budgets: Total cost of compliance can vary from year to year based on needs, whereas an internal audit department operates as a fixed cost.
•Access to Talent: Audit skills and resources can be effectively matched to audit requirements by using specialists in accounting and other areas
•Manage the Peaks: Internal departments would need a higher level of fixed staff to manage the peak levels encountered during the year, whereas an outsourced model brings resources only when needed to meet the peaks of the audit cycle and moves them elsewhere during off-peak periods.
•Focused Effort: Outsourced resources try to avoid miscellaneous office distractions, arriving late and leaving early, running errands during the
workday, and attending general office meetings, as this time cannot be charged to a project.
•Sharing Best Practices: Using an outsourcing or co-sourcing provider allows access to more information, experiences and best practices from not only
•Internal Audit, Management Audit and Revenue Audit with emphasis on review of operations and improving effectiveness and profitability.
•Retail and Stores Audit covering regular stock verification, Internal Audit and ensuring that business processes are being followed.
•Inventory Audit in large garment /apparel industries in Apparel parks from fabrics to cutting/lays/trims/and finished products in woven garments and
knitted garments/hosiery industries
•Stock audit in retail segments dealing in consumer goods/fast moving consumer goods dealt by chain stores like fabmall, bigbazaar, safal daily
fresh, more, smart, star hypermarkets in a multi locational set up
•Compliance Audit in order to ensure adherence to statutory laws, rules and regulations. This also encompasses adherence to corporate policies and