Outsourcing or co-sourcing your internal audit function enables you to hire dedicated internal audit professionals and alleviate most of the day-to-day managerial requirements. For full outsourcing engagements our team will develop and execute a full-scope, risk-based internal audit plan, report results to executive management and the audit committee, and coordinate with external auditors as needed to meet your company’s needs.
Other companies prefer to maintain ownership of the internal audit function and look to outside firms to supply professionals for critical projects or specialists on an as-needed basis, or to augment their existing staff on an ongoing basis. Our specialists possess expertise including large project management, IT general controls, fraud, industry-specific expertise, and specific software packages. Co-sourcing arrangements are tailored to meet the needs of your organization, with our team of professionals supplementing your team by addressing specialized areas or providing specific expertise. The execution of the audit plan in co-sourcing arrangements is shared between your team and our professionals.
Outsourcing or co-sourcing allows your company to monitor key risk areas within the organization, providing higher levels of assurance to the board that risks are being monitored and addressed effectively and objectively. In either case, choosing the right firm and model to address your internal audit needs is a complex decision.
Freed Maxick has a team of qualified and experienced internal audit resources ready to assist you to the extent your company requires. Benefits you will gain from working with our internal audit professionals include:
- Enabling you to leverage your in-house resources more effectively
- Allowing management to focus on business operations
- Raising the awareness of management’s support for a sound internal control structure