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Empower your internal auditing operations with a custom-fit team that fuels confidence and adapts seamlessly to your scaling needs.
The Internal Audit Function
An annual internal audit is generally mandatory and is of the utmost importance for an organization. Its purpose is to conduct an impartial evaluation of the internal controls and processes within the company, as well as to verify the seamless management of the financial systems and its records. Furthermore, internal audits assist in the identification of potential control deficiencies in these domains and provide recommendations for the most effective solutions to close them.
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Your comprehensive solution to governance, risk management, and internal controls need at every stage of growth. Experience a complete, tailored approach that will transform your business operations and fuel your success.
Understanding Internal Audit Outsourcing
Internal audit outsourcing involves utilizing a third-party or outside company as your third line of defence, which means hiring independent professionals who are not necessarily corporate personnel to perform internal auditing. These specialists, however, can continue to function as part of a company's internal staff. For most major businesses, having an in-house internal audit team can be the most cost-effective alternative. The majority of internal auditors are licenced experts under a regulatory organisation. Hiring and retaining a professional and experienced internal auditing staff, however, is expensive. Nonetheless, these specialists play an important function within a firm by ensuring that internal controls and processes are managed as effectively and efficiently as feasible.
There are many distinct sorts of internal audit functions, including:
Full Outsourcing: This entails contracting an external vendor to manage the full internal auditing process. This could be an independent public accounting firm or consultant, but it must be separate from your company's external auditor.
Partial Outsourcing: entails assigning a significant portion of your internal auditing services to a third party.
Co-sourcing: The in-house auditing team and an external third-party services provider work together to deliver all internal auditing services. Like a full outsource, this provider should be a well-established accounting firm that is not the same as the company's external auditor. You might choose this sort of outsourcing if your company has a workforce shortfall, wants to fulfil specified deadlines, or handles complex projects that require specialized knowledge. This technique can also be useful when you need to cover the most remote company locations, when specialized talents are scarce, or when you need to implement new technologies.
Subcontracting: is when you assign certain short-term projects to a third party.
Loan-staff/Staff Augmentation: If specific periods of the year or projects necessitate short-term capacity to supplement your own team, contracting with a third-party vendor to offer resources can be an excellent choice.
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Entrust your entire internal audit function to a team of seasoned experts, freeing up your time and resources to concentrate on driving your business forward. With our proficient internal audit team, rest assured that your internal audit operations are in capable hands.
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Run scenarios with ease and make critical business decisions with confidence, knowing your future cash position is secure.
Transform Your Internal Audit operation with the ultimate assurance of Integrity infused reporting.
Empower your business with accurate internal audit reporting in a user-friendly format that you, your auditor, and stakeholders can trust.
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Leverage tailored technology to optimize your finance function, ensure data integrity, and mitigate fraud risks.
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Navigate Your Business's Growth with an Experienced Guide to Steer You in the Right Direction.
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Unlock the full potential of Your Business with More Than Just Outsourced internal auditing Service
Don't wait for internal audit leadership - take action now and add a team of senior personnel and experts customized to your needs and budget. Scale their involvement as you grow, with flexible solutions ranging from project-based to full-time
OUTSOURCED SERVICES
CAE-Led Strategic Support
Have access to experienced financial professionals without the costs and commitment of hiring full-time employees.
Benefit from the collective knowledge and experience of a team, with specialized skill sets and expertise.
Scale their financial operations up or down as needed, with the flexibility to adjust services based on business needs.
Gain a clear and accurate understanding of their financial position, allowing for better decision-making and strategic planning.
Increase efficiency and accuracy of financial reporting, reducing the risk of errors or fraud.
Focus on core business activities while leaving finance and accounting tasks to a dedicated team of experts.
Receive ongoing financial guidance and support to ensure long-term success and growth.
Report confidently to board, bank and investors
Raise capital or deploy a recent raise
Attract new stakeholders
Prepare for acquisition, exit or M&A
Internal Audit Outsourcing Services
Outsourcing your internal audit team management, led by a Chief Audit Executive, can provide a range of benefits for both young and established companies, including:
Leveraging sophisticated reporting insights to drive critical decisions
Establishing clean financials in preparation for capital raise or exit
Developing a sound monthly close process to streamline operations
Delivering high-quality reporting packages to stakeholders
Efficiently managing financial processes and eliminating manual tasks and errors
Seamlessly adding CFO-level leadership when needed
Freeing up an existing CFO to focus on high-value tasks
Saving money on costly audit fees for book clean-up.
Internal Audit Co-Sourcing Services
Even if your current stage of growth only requires day-to-day bookkeeping and cost control, our outsourced accounting team led will still provide oversight to ensure accuracy and best practices.
This will establish a solid foundation for your finance function, and when your needs expand, you'll already have the necessary infrastructure in place.
Are you ready to take the wheel and control the growth of your company?
Accelerate your business's growth with a finance and accounting solution that empowers you to make decisive data-driven actions, maximizes valuation with solid financials, and puts you in the driver's seat. Request a custom proposal and schedule your introduction to Integrity Options today.
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