Outsourcing and co-sourcing internal audit functions
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Outsourcing and co-sourcing internal audit functions

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Outsourcing and co-sourcing internal audit functionsadvisoryChanging stakeholder expectations and Leveraging our resources to a new view of risk management are help you competeprompting an important shift in the role Wholly outsourcing or co-sourcing of internal audit in many organisations. critical elements of an internal audit New demands from the board, senior function can help an organisation organisational leaders, and regulators reduce costs, free up capital, and are requiring internal audit groups to enhance its ability to focus on its core continue refocusing their efforts. competencies. It can also provide an opportunity to tap into specific What’s more, as responsibilities have skill sets, better practices, industry expanded the need for enhanced and corporate audit knowledge, and rigour and transparency and a geographically dispersed resources.consolidated view of risk management has become paramount. KPMG can augment your organisation’s internal audit staff Many leaders have recognised the and broaden its capabilities by, for need for internal audit to play a larger example, helping to execute internal role – one that expands its historic audit programs.focus on value preservation (a controls focus) to encompass activities related Our professionals can also support to value creation (a performance focus). ongoing monitoring, compliance maintenance, and control Such a shift could enable internal audit transformation efforts to help ...

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Outsourcing and co-sourcing internal audit functions advisory Changing stakeholder expectations and Leveraging our resources to a new view of risk management are help you compete prompting an important shift in the role Wholly outsourcing or co-sourcing of internal audit in many organisations. critical elements of an internal audit New demands from the board, senior function can help an organisation organisational leaders, and regulators reduce costs, free up capital, and are requiring internal audit groups to enhance its ability to focus on its core continue refocusing their efforts. competencies. It can also provide an opportunity to tap into specific What’s more, as responsibilities have skill sets, better practices, industry expanded the need for enhanced and corporate audit knowledge, and rigour and transparency and a geographically dispersed resources.consolidated view of risk management has become paramount. KPMG can augment your organisation’s internal audit staff Many leaders have recognised the and broaden its capabilities by, for need for internal audit to play a larger example, helping to execute internal role – one that expands its historic audit programs.focus on value preservation (a controls focus) to encompass activities related Our professionals can also support to value creation (a performance focus). ongoing monitoring, compliance maintenance, and control Such a shift could enable internal audit transformation efforts to help improve to bring value to the business in new the business effectiveness of your ways – its existing organisation-wide internal audit function.perspective and mandate, and its access to all areas of the business, KPMG may accomplish these in less personnel, and resources, uniquely time and for significantly less money positions it to expand its role. Internal than it would take for an organisation audit has become a prime target for to hire, develop and carry needed use in strategic sourcing, risk resources internally. management and quality assessment services. Potential benefits of outsourcingKPMG can help make the best use of When reviewing the outsourcing your organisation’s internal audit option, consider that your organisation function. Our professionals are trained can: to help you do this in line with the organisation’s strategic, business, and • Gain access to highly skilled and process goals; with shareholder experienced professionals and expectations; and with the audit leading technology committee’s and management’s goals • Attain significantly more value from regarding governance, risk and the function while holding down controls. costs • Obtain a fresh perspective and an added level of scrutiny © 2008 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation. kpmg.com.au • Eliminate direct internal audit training KPMG: delivering the right Contact us and recruiting costs For more information about how our resources Internal Audit Services can help your The basis of our approach to delivering • Enjoy greater staffing flexibility, organisation, please contact:an effective outsourced or co-sourced especially as special projects arise. internal audit function is to view it using a wider lens that looks at Potential benefits of co- Sally Freeman your entire business and places the sourcing Partner in Charge function in the context of your whole Through co-sourcing, KPMG’s + 61 3 9288 5389 organisation.professionals can supplement your sallyfreeman@kpmg.com.au internal audit staff, manage specific Using a multidisciplinary team areas of your internal audit program, Michael Hillstructure, we assign financial and launch projects, and help improve the Service Line Leader – Sourcing operational auditors, IT auditors, and effectiveness of your internal audit Internal Auditsubject matter resources, as needs are function. + 61 3 9288 5589identified in the risk assessment and mwhill@kpmg.com.auaudit plan.For example, leveraging KPMG can help you: To help ensure that you have the right resources, we select KPMG Convert fixed costs to variable costs professionals who:Shifting internal audit costs – including staffing, training, and infrastructure – to • Know your industry and the types of a third-party provider can help reduce risks and issues you face the fixed costs of an in-house audit capability. Cost savings can be • Can provide the right skills and significant for companies in which experience at the right time, internal audit activity tends to regardless of location experience “peaks and valleys.” • Are skilled in such key areas as forensics, supply chain management, Extend the reach of your staff regulatory compliance, financial risk Many organisations that have engaged management, IT, or industry-specific co-sourcing arrangements recognised process reviews, depending on your that their internal audit projects were requirements.sometimes constrained by a lack of concentrated knowledge or insufficient staff in certain geographies. KPMG’s multidisciplinary staffing approach can help on both counts. Leverage effective knowledge sharing and thought leadership KPMG has established strong internal and client-centric knowledge sharing and training programs that your internal auditors may leverage to gain broader perspectives and to exchange better practice ideas with those who have addressed similar challenges. © 2008 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. Printed in Australia. KPMG and the KPMG logo are registered trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation. March 2008. VICN00846AUD.