Internal Audit

An increasing number of companies are recognising the benefits of finding a partner to support an existing internal audit team or to provide a fully outsourced internal audit function.  The principal benefits include:

  • Access to experienced auditors and best practice
  • Access to technical and industry specialists  
  • More focused use of internal audit budget
  • Flexibility of costs and budgets  


Full Outsourcing
Where we are appointed to be the Internal Audit department of an organisation, our role consists of the following:

  • Conducting risk assessments and developing an internal audit strategic plan
  • Designing audit programs and carrying out internal audit reviews according to the approved strategic plan
  • Reporting findings and recommendations to management and the Audit Committee (if there is a specific audit sub-committee)
  • Holding regular meetings with management to maintain awareness of current business developments and how these might affect the internal audit environment


Partnering
Partnering or co-sourcing can take a great variety of forms.  Some typical ways that we support an in-house function include:

  • Perform audits on specific areas where specialists are required (eg. treasury or accounting standard compliance)
  • Provide staff to help an audit team to meet temporary increases in workload
  • Deliver on-the-job training through carrying out work with a client's audit team


The typical reasons why we are asked to undertake internal audit assignments include:

  • Parent companies have concerns on the internal controls and efficiency of their subsidiaries in Ireland
  • State bodies who are subject to the Auditor and Comptroller General often establish Internal Audit functions to ensure their systems are up to best practice
  • The company is not complex or big enough to recruit a permanent internal audit team
  • Not enough manpower to carry out internal audit work due to temporary increase of workload
  • Reduce fixed costs through reducing head count to maintain flexibility of internal audit cost
  • In-house internal audit team is lacking specialist resources to carry out internal audit work.


For more information on this service please contact:

Patrick O’Hare
Tel: 046 943 7900
Mob: 086 608 8869
Email: pohare@ohd.ie



 
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