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Co-sourcing the internal audit function helps navigate the modern challenges, including the need for greater agility, subject matter expertise, and resourcing pressure and cost, for the practical steps to optimize the value from the right vendor and make this relationship as seamless, targeted, and cost-effective as possible.
Today’s internal audit team is expected to deliver more value faster in more disciplines than ever. In the need hour, the right expertise in subject matter helps deliver multidisciplinary assurance insights and advisory to identify the risks of technological and social change.
The internal audit function is becoming the most prudent and cost-effective approach by following the practices to optimize the value of co-sourcing the internal audit function.
Table of Contents
Today’s business environment is rapidly changing, redefining the internal audit process and adding value. Assurance audits and finance are now the only means of delivering the value of audits and demand insight across a broad range of audit and advisory considerations. The chief audit executive (CAE) is expected to be a trusted advisor and anticipate future risks related to strategy.
Internal audit teams must recognize diverse issues that impact the business, from cyber risks[1] and privacy to emerging technologies, economic headwinds, and disruptive pressures from current and potential competitors. Therefore, to be prepared for various scenarios and support organizational leaders in making informed and highly consequential decisions.
Organizations are only afforded multidisciplinary expertise with external audit support. Co-sourcing and services have continued to do so for years.
Organizations often recommend clients visualize the model as a value triangle with an internal audit. The management committee and co-source partner add strength and rigidity to the relationship, but only if all the points connect and continuously interact positively.
Most of the loopholes in the audit tend to follow predictable patterns by following the most common steps to add value in co-source relationships.
A solid and robust value triangle is essential for audit teams to extract value from limited budgets. The audit committee/management and co-source partner each have something uniquely valuable to offer and understands how to reinforce the others. These connection points make one another indispensable and ultimately strengthen the organization.
Also Read:How Can Co-Sourcing Benefit Businesses?Important Checklist for Internal Audit of Private LimitedEffective Steps of Performing an Internal Audit Successfully
Minakshi Bindhani has completed LL.M. with a specialization in Criminal Law from Madhusudan Law University, Cuttack, Odisha. She is more inclined toward legal research and writing and have prior experience in Civil and Criminal litigation and content writing.
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