With a changing and more cost-competitive environment, it is essential that maximum value be obtained from the internal audit function. The internal audit function must be focused to support the achievement of overall corporate objectives while maintaining an independent and valued voice.
Basic reason why internal audit adds value to organisation:
provide management with objective analyses, appraisals, recommendations, counsel and information about the quality of internal controls;
||understand the organisation's key business processes to provide the opportunity for continuous improvement; and |
||help the board of directors effectively discharge their responsibilities in respect of internal control.|
Many organisations strategically outsource fully or partly their internal audit function to external service providers in order to increase the value of the function. KPMG's experienced IARCS professionals can help you reap the full benefits of internal audit outsourcing or co-sourcing through sharing of leading practices from KPMG's proprietary industry-based business models and internal control catalogues that outline key risks and significant controls across key business processes and knowledge and insight gained from practical experiences.