Internal Audit Outsourcing

Our clients call on us when they find themselves under pressure to meet critical deadlines to deliver results. They call us when they want to add resources to their strategic internal audit initiatives. They call us when they need to make decisions that will have major consequences for their people, and their organizations. They call us when they want a trusted independent perspective with pragmatic solutions.

We do this using these core principles:

• Utilize a risk based approach
• Use collaborative knowledge base to deliver the best of the firm to all clients
• Bring innovations in internal controls processes to clients
• Build client capabilities to sustain improvement

Our Internal Audit approach facilitates regular communication with its clients and shares knowledge by:

• Benchmarking companies and client’s functionally and from an industry perspective
• Anticipating and adjusting to changes in rules
• Staying current on industry issues and other SEC changes
• Distributing information to our clients on new developments

Our internal audit services provide the following benefits:

• Assurance to external parties and compliance with applicable laws and regulations
• A completely independent process, and information technology (IT) internal audit sourcing capabilities that use industry leading practices
• Deep technical and analytical skills related to core process and related control assessments
• Elimination of time and cost associated with sourcing, hiring, training and retaining skilled personnel in noncore competency areas
• Management’s ability to focus on more strategic initiatives, improving resource utilization

This twelve-phase methodology was designed to offer the choice of a “turnkey” or a modularized internal audit solution to meet our client’s individual needs.  Assurance Partner’s philosophy is to not pursue full outsourcing of internal audit except in cases where a prospective client has no existing internal audit function.  The twelve phases are depicted below;

These twelve phases are offered to clients as part of the following internal audit service lines:

INFRASTRUCTURE DEVELOPMENT SERVICES

• Audit Committee Charter/Mission Statement Development
• Internal Audit Department Charter/Mission Statement Development
• Internal Audit Department Policies and Procedures Development
• Management/Board Reporting
• Engagement Management

INTERNAL AUDIT PROGRAM EXECUTION SERVICES

• Execution of Internal Audit Programs
• Assessments of Internal Control Effectiveness
• Issuance of Internal Audit Reports, including management responses

ENTERPRISE RISK ANALYSIS SERVICES

• Audit Universe Identification/Development
• Audit Universe Risk Ranking
• Audit Plan Development

ENTITY RISK ASSESSMENT/AUDIT PROGRAM SERVICES

• Process Reviews
• Entity Risk and Control Assessments
• Customized Audit Program Development

OTHER SERVICES

• Pre- and Post-Acquisition Due Diligence Support
• Peer Reviews
• ISO Audit
• Post Audit Follow-up Reviews