Internal Audit Services

Internal audits are critical to a company’s organizational processes and are typically a mandatory annual requirement for listed companies. These audits serve to independently review the internal processes and controls within a company. Our internal audit services also ensure the company’s books and financial systems are managed seamlessly. Additionally, our services help identify potential control gaps within these areas and recommend the proper solutions for addressing them.

What is Internal Audit Outsourcing?

Internal audit outsourcing entails using a third-party or outside company to serve as your third line of defense, which means engaging internal auditing services of independent professionals who are not necessarily the company’s employees. However, these professionals can still work as a company’s in-house team. For most large companies, having an in-house internal audit team can sometimes be the most cost-effective option. However, it’s expensive to hire and retain a professional and experienced internal auditing team. Nevertheless, these professionals play a critical role within a company, ensuring that its internal controls and operations are as effective and efficiently managed as possible.

O-Zone Advisory provides the following types of internal audit functions:

• Full Outsourcing: Our qualified team undertakes to oversee the entire internal auditing function.
• Partial Outsourcing: This involves delegating a substantial part of internal auditing services to the qualified team of O-Zone Advisory.
• Co-sourcing: All the internal auditing services are handled by both the in-house auditing team and our qualified team.

Why You Should Outsource Your Internal Audit Functions

Companies may have directed or managed various internal audits for many years. However, even with such vast experience, the process may overwhelm the company’s in-house team. For example, you may require to implement new strategies or reinforcement as efficiently as possible. Or you may want to update or streamline your existing processes with professional input and insights from a third-party auditing team. Whatever your reasons, sometimes outsourcing is the best strategy to employ to restructure your internal audit programs and stay current in your industry.

Advantages of Internal Audit Outsourcing

There are many advantages that internal audit outsourcing of O-Zone Advisory can bring to your company, including:

• Specialized Skills: Your organization may benefit tremendously from specialized skills from our qualified and certified specialists.
• Time Efficiency: Comprehensive and value-added internal audit processes must pass through various stages of implementation. From developing the structure to onboarding new employees to planning the strategies, these steps take time to complete. With an outsourced internal audit function, the process and ongoing enhancement takes less time given the outsourced provider’s already developed and proven teams, tools, and processes.
• Cost Effectiveness: As already mentioned, internal audit outsourcing can bring much-needed efficiency and cost effectiveness. Furthermore, internal audit outsourcing often has a fixed price, making it easier to plan and budget accordingly.