Internal Audit Solutions

Internal Audit should be viewed as one of the most vital elements of an organization’s structure. However, too often it represents one of its greatest overlooked opportunities.

Getting Internal Audit Started In Your Business:

With the growing focus on corporate governance, the Sarbanes-Oxley Act and various other regulatory requirements that may affect you, combined with the increased demands placed on the Board to ensure robust corporate governance practices are in place, the role of Internal Audit has never been more important than it is today. Westport Business Solutions can guide you in the development and implement of an effective Internal Audit function from inception. Not only can we help you build a successful Internal Audit function that consistently delivers against its Charter and Operating Principles, it will become your greatest asset in ensuring that your governance programs and initiatives remain an integral part of business thought and activity.

Our proven path to an effective implementation includes:

• Establishing a vision and the objectives for your Internal Audit Function
• Establishing a complete governance process – including defining the Audit Committee structure, Audit Committee Charter, the role of Internal Audit, reporting mechanisms, communication channels and protocol
• Developing an effective and relevant risk assessment process
• Guiding you in recruiting or training your Internal Audit team
• Supporting you with the overall Internal Audit project framework, including the implementation of audit tools, project framework, project scoping, fieldwork and reporting.

Co-Sourcing Services:

Westport Business Solutions provides Internal Audit co-source services which typically compliment a strong, existing in-house function which is then supplemented with our skilled professional for specialized, non-routine or seasonal audit services.

Co-sourcing allow you to:

• Supplement your audit plan utilizing expert professionals skilled in areas your existing in house team cannot perform
• Allows the Internal Audit department to pursue value-added services that it could not provide either because of time or skill constraints
• Provides the flexibility in deploying highly skilled local auditors on a global basis who understand local cultures, customs, related laws and regulatory requirements
• Allows you the on-demand flexibility of increasing your staffing during certain peak times of the year without having to incur the costs of a full-time hire
• Co-sourcing is a powerful tool which allows your Internal Audit Department to professionally tackle issues it might otherwise not have been equipped to do and to provide and even greater ROI from a lower fixed cost base.

Outsourcing Services:

Westpport Business Solutions provides full Internal Audit outsource functionality to companies of all sizes. Under this approach, we would expect to report directly to your Audit Committee to ensure complete independence and objectivity. This solution provides the following benefits to your business:

• Allows you to execute your audit plan utilizing professional auditors skilled in a diverse range of business disciplines
• Allows you to stay focused on your core business and strategic plan
• Eliminates the need to invest in expensive audit tools
• Eliminates the need for training and managing a costly in house function
• Provides the flexibility in deploying highly skilled auditors on a global basis who understand local cultures, customs, related laws and regulatory requirements
• Provides complete assurance regarding independence and objectivity over the Internal Audit function.

External Quality Assessment:

We are able perform an External Quality Assessment of your internal audit function according to the procedures set forth by the Institute of Internal Auditors (IIA). Our assessments include an evaluation of conformance to the IIA Standards, a review of the internal audit and audit committee charters, an examination of your organization’s risk and control assessment process, and an evaluation of the use of best practices within the department.

At the conclusion of our review, we will provide a report that states our opinion on your department’s conformance to the IIA Standards, identifies issues and observations, and incorporates your action plan. The report will also identify areas for further improvement and the implementation of best practices.

Contact us. Find out how an effective Internal Audit Program can realize significant benefits to all aspects of your business.

GRC and Due Diligence Practices Leader - Nevil Ede