Co-sourcing or outsourcing internal audit work can reduce costs, free up capital, and enhance your ability to focus on what you do best. It can also provide you with the ability to tap into specific skill sets, industry knowledge and global resources on an ‘as needed’ basis.
With organizations being driven to do more with less, the internal audit (IA) function has become a prime candidate for strategic sourcing. This can include outsourcing the entire function or just certain critical elements. Like many other functions, IA has become highly sophisticated and virtually a business in itself. Achieving effective IA capabilities requires a significant level of investment in skilled resources, methods, training and technical infrastructure. So, how can PKF member firms help you accomplish your objectives in a dynamic business environment?
Internal Audit Outsourcing Services
PKF firms’ can advise you on critical business risks, implementation of effective controls and compliance processes, identifying better practices, reducing the cost of operations and realizing profit improvement opportunities.
Internal Audit Co-Sourcing Services
Co-sourcing can provide you with the opportunity to tap into specific skill sets, industry knowledge and global resources on an ‘as needed’ basis. PKF firms’ can provide you with the specific skills you need on demand — achieving a level of flexibility which can be critical in effectively dealing with a range of operational issues.
PKF’s Internal Audit Services professionals have extensive internal audit experience, delivering services to our firms’ clients as well as industry experience gained prior to joining PKF. In addition, we supplement our experienced internal auditors with subject matter professionals in areas such as IT, forensic, treasury, operations risk management, financial instruments, procurement, shared services, third-party contracting, tax and many others.
- Advising on IA costs — The cost savings can be significant, particularly for those organizations that experience significant global travel, high turnover of IA resources or varying IA activity levels.
- Access the right skills, in the right place, at the right time — Sourcing provides the flexibility to adapt to changing business needs.
- Leverage PKF firms’ infrastructure — With the costs of developing and maintaining an IA capability shifted to PKF, your capital and resources are freed for other purposes.
- Access leading practices and subject matter professionals — Professionals from areas such as IT, forensic, treasury, risk management, financial instruments, procurement, shared services, third-party contracting and tax are available.
- Access global resources — Provision of local resources where you need them, leading to reduced travel costs, increased understanding of the local culture and business environment, and local language skills.
- Address human resource challenges — Attracting and retaining talent, maintaining knowledge on evolving risks and developing the skills to drive value can be addressed by PKF firms’ professionals.
- Access leading methodologies — Our global IA methodologies and supporting technologies are risk-based and scalable.
Through a strategic Performance Review for internal audit, PKF firms can help you align your IA function’s strategic objectives with key business processes, taking into account overall risk management, compliance monitoring, and business performance. As a result, we can help your internal audit function perform and operate more effectively.