Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. Internal audit activities are performed in diverse legal and cultural environments; within organizations that vary in purpose, size, complexity, and structure; and by persons within or outside the organization.
Outsourcing of internal audit
An internal audit outsourcing arrangement is a contract between the institution and outsourcing vendor to provide internal audit services. This kind of services may involve our company in performing certain procedures in the sphere of internal audit, which will give client opportunity of business processes optimization, improving the effectiveness of control and management processes
Outsourcing of internal audit services includes:
- Preliminary estimate of internal control environment;
- Internal audit service organizational management;
- Rendering of an independent valuation of internal audit service functioning.