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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