Expectations of auditing bodies relating to internal auditing quality and objectivity are increasingly stringent. For most organisations an internal audit function is an expensive luxury, as such we are often called on to help organisations of all sizes meet their continuous improvement compliance objectives and ensure an objective audit approach aligned to evolving best practices.
In this blog post we’ll discuss some of the benefits of using an external team to conduct internal audits:
- Objectivity and Independence: External auditors bring an unbiased perspective to the audit process. They are not influenced by internal politics, preconceived notions, or personal relationships within the organisation. This objectivity allows them to assess the effectiveness of controls and processes more impartially and identify areas for improvement without any conflicts of interest.
- Expertise and Specialised Knowledge: We are well-versed in auditing techniques, best practices, and industry standards. Leveraging our expertise ensures a thorough and comprehensive evaluation of the organisation's systems, controls, and processes. We bring fresh insights, trends, and benchmarks from their exposure to different industries and organisations.
- Enhanced Credibility: Engaging an external audit team can enhance the credibility of the audit process. Stakeholders, including clients, partners, regulatory and certifying bodies, and investors, may perceive an external audit as more reliable and trustworthy. The independent validation provided by external auditors adds credibility to your organisation's adherence to industry standards and regulatory requirements.
- Resource Optimisation: Conducting internal audits requires significant time, effort, and resources from your organisation. By outsourcing the audit function to an external team, internal resources can focus on their core responsibilities and strategic initiatives.
- Fresh Perspective and Benchmarking: We bring a fresh perspective to your internal audit process. We can challenge existing practices, identify blind spots, and recommend improvements based on our experience working with different organisations. This can uncover opportunities for optimisation and innovation, enabling you to stay ahead of emerging risks and industry trends.
- Compliance with Regulatory Requirements: We are well-versed in regulatory frameworks and compliance requirements. Our expertise ensures that your internal audit practices align with the relevant regulations and industry standards. This helps mitigate compliance risks, provides assurance to stakeholders, and supports the organisation's overall governance and risk management programs.
- Continuity and Consistency: You may face challenges in maintaining a consistent internal audit function due to turnover, resource limitations, or competing priorities. Engaging us ensures continuity in the audit process, irrespective of internal changes. We follow standardised methodologies, quality control processes, and reporting frameworks, providing consistent and reliable audit outcomes.
- Continuous Improvement: Our consultants often bring insights and recommendations for process improvements and risk mitigation. We can identify areas where the organisation can enhance its controls, optimise operational efficiency, and strengthen information security.
If you’re setting up an internal audit function in your organisation you can discuss with experts how to plan your program to cover all your compliance needs while, limiting the impact to your resources and tapping into the expertise you need. Get in touch with our team of experts email [email protected] or Contact Us