Internal Auditing - Outsourcing & Co-Sourcing

With a renewed attention to company internal audit functions, many companies have needs beyond their internal staffing levels. Candela Solutions can help provide resources, either temporary or more long-term, to bridge this gap. We often 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, also adds credibility to the process and typically raises the comfort level with external auditors.

Another consideration is that SOX has had the unintended consequence of steering away internal audit focus on operational and compliance objectives to a very heavy emphasis on financial reporting objectives. Many internal audit departments are in need of refocusing their resources back to operational and non-SOX compliance areas. One way of accomplishing this is by bringing in outside resources to help.

Candela Solutions' Compliance practice is fluent in internal auditing and will work to fulfill your internal audit needs through:

• Training and staff development
• Technical advisory
• Independent risk assessments
• Audit plan development
• Outsourcing or Co-Sourcing

Success factors contributing to a healthy internal audit function include the principles of integrity, objectivity, confidentiality and competency. An outside resource, such as the Candela Solutions' team, can help realize these critical success factors.

Finally, it is not sufficient for internal auditors simply to identify problems. Internal auditors must be adept in anticipating emerging issues and creating solutions. A key advantage in brining an experienced team is in acquiring another set of "eyes" and "ears" to alert managers of lessons learned and best practices. Candela Solutions can work with your team to co-source or outsource the function to best realize cost efficiencies and tap into specialized expertise.