Internal audit is essential as a function of providing and consulting for the company's management.
Internal audit is essential as a function of providing and consulting for firm managing.
As a providing function, we understand that as internal audit activities directed at verifying process operations, especially in terms of cost efficiency, quality and effectiveness of control mechanisms, or operation activities adherence to the company's strategy.
However, it is not always necessary for the company to have a well developed internal audit function. Sometimes, it can be more beneficial through sourcing necessary resources. KPMG provides full outsourcing services:
Our services related to outsourcing and co-sourcing is aimed at companies that want to make optimal use of financial resources intended for internal audit. Given the wide spectrum of internal audit tasks and the increasing complexity of companies’ business processes, it is impossible for Internal Audit to hire audit experts from all fields. Using external experts, for activities requiring specialized knowledge, will improve the quality of audit activities, reduce their completion time, and reduce the total cost of internal audit, at a given service level.
With organizations being driven to do more with less, the internal audit (IA) function becomes a prime candidate for outsourcing or co-sourcing. Implementing an effectively working IA requires a significant level of investment in skilled resources, methods, training, and technical infrastructure. Hence, a partnership with KPMG is a perfect solution. KPMG makes all the investments as a service provider, while the company buys the final product, with lower expenses than in case of processing this function internally.
Internal Audit Outsourcing Services – provide the a total internal audit function. KPMG advises companies on critical business risks, works with the company's management in preparing an accepted internal audit plan, and performs all the audit tasks. Such a model reduces the operating costs and increases profit improvement opportunities.
Internal Audit Co-sourcing Services – support the existing internal audit function through the use of KPMG Audit experts in the fields requiring specialized knowledge (for instance: IT, safety, financial instruments, abuses). Co-sourcing can provide the opportunity to tap into specialized skill sets, industry knowledge, and global resources on an 'as needed' basis. We can provide the specific skills needed on demand — achieving a level of flexibility, which can be critical in effectively dealing with a wide range of operational issues.
The service permits to improve risk management, reinforce controls, and improve the cost structure at the same time using human resources engaged in operational processes of the company.
Potential benefits for the company: