Internal Audit Outsourcing
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.
Bizz Solutions’s Internal Audit Risk & Compliance Services deploys multidisciplinary teams of professionals experienced in financial and operational internal auditing, IT, fraud analytics and risk assessment, shared services, finance management, treasury and financial instruments, and the supply chain to augment and enhance an organizations’ existing internal audit capabilities. It works to make internal audit functions, enterprise risk management programs, and risk and controls management more efficient and effective. We strategically deploy resources from various disciplines to suit each individual client situation. IT Advisory, Internal Audit, and Forensics professionals typically comprise the core team, adding industry or subject matter specific resources as appropriate. So, how can Bizz Solutions we help you accomplish your objectives in a dynamic business environment?
· Bizz Solutions 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.
· Co-sourcing can provide you with the opportunity to tap into specific skill sets, industry knowledge and global resources on an ‘as needed’ basis. Bizz Solutions 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.
· Bizz Solutions’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 Bizz Solutions. 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.
· 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.
· With the costs of developing and maintaining an IA capability shifted to Bizz Solutions, your capital and resources are freed for other purposes.
· Professionals from areas such as IT, forensic, treasury, risk management, financial instruments, procurement, shared services, third-party contracting and tax are available.
· 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.
· Attracting and retaining talent, maintaining knowledge of evolving risks and developing the skills to drive value can be addressed by Bizz Solutions firms’ professionals.
· Our IA methodologies and supporting technologies are risk-based and scalable.
· Through a strategic Performance Review for internal audit, Bizz Solutions firms can help you align your IA function’s strategic objectives with Bizz Solutions 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.
· Effective corporate governance encompasses board relations, internal control system, risk management, compliance management and internal audit.
Our tailored audit services can help you build trust and confidence through transparency, clarity, and consistency. We adapt our audit services to fit your unique needs, but what doesn’t change is the exceptional service quality we deliver to all our clients. Whether you are already at the top or you are on your way up. We provide a consistent audit by assembling the right multi-disciplinary team to address the most complex issues, using a proven global methodology and deploying the latest, high-quality auditing tools and perspectives. Because we understand that, to achieve your potential, you need a tailored service as much as a consistent methodology, we work to give you the benefit of our deep sector knowledge, our full subject matter knowledge and the latest insights from our work.
Bizz Solutions’s team works with internal audit directors and audit committees to develop a quality internal audit function that delivers strategic business assurance, identifies business opportunities and enhances organizational value. Our services include:
ü Evaluating Internal Audit Functions and Providing Co-Sourcing and Outsourcing Services
ü Deploying Continuous Auditing/Monitoring Techniques
ü Designing, Executing and Advising On the Use of Enterprise Risk Management
ü Rationalizing Monitoring Functions and Governance Practices
ü Enhancing Recoveries and Compliance with Contracts
ü Advising On Social Responsibility and Climate Change Reporting