Internal Auditing - Outsourcing & Co-Sourcing
Internal audit activity is three times more likely to detect fraud than external audit activity according to the ACFE's 2010 Report to the Nation on Occupational Fraud and Abuse). Internal activity can also identify errors, non-compliance and serve as a valuable resource to help improve governance, risk and compliance practices.
The Institute of Internal Auditors (IIA) defines internal audit activity as:
"A department, division, team of consultants, or other practitioner(s) that provides independent, objective assurance and consulting services designed to add value and improve an organization's operations. The internal audit activity helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of governance, risk management and control processes."
While many organizations have an internal audit function staffed with employees, others may not. Candela Solutions can serve as a company's internal auditor by providing independent and objective internal assurance services. Even for companies with an in-house internal audit function, we can help with a wide range of training and services commonly referred to as 'co-sourcing' of the internal audit function. This is especially popular for technology matters in the event the company does not have a Certified Information Systems Auditor (CISA) or other on-site technology resources.
The reality is that many companies have needs beyond their internal staffing capabilities, and indeed it may be much more efficient to rely on a firm for part-time needs. Candela Solutions can help provide resources, either temporary or more long-term, to bridge capability gaps. We can also report directly to audit committees thus enhancing independence of test results and making the efforts more acceptable to external auditors in partial support of their eventual SOX-404 opinion. The fact that we are a licensed accounting firm, not simply a 'consulting' firm, adds credibility to the process by raising the comfort level with external auditors.
Candela Solutions' Internal Assurance Practice is fluent in internal auditing standards, leading practices and tools. We can work to fulfill your internal audit needs through:
- Training and staff development
- Technical advisory
- Independent risk assessments
- Audit plan development
- Outsourcing or co-sourcing internal audit activity
Refer to related in-house training sessions:
