Every organization faces the risk of fraud but maintaining an effective internal audit function can mitigate that risk. Most frauds are concealed on a transactional basis and are outside the purview of external auditors. In addition, the internal auditor has a much broader focus not limited to financial information including operational objectives, risk management, and compliance.
Many organizations do not have an internal audit function or lack the resources to hire a full-time internal audit staff. Regardless of the size of your organization or internal audit staff, having a forensic accountant on your team brings an in-debt knowledge of fraud and how it can be detected and prevented.
Outsourcing some or all of the internal audit function affords an organization numerous benefits including:
- Costs savings by not supporting full-time staff and/or using a combination of employee and consultant allowing for flexibility of costs
- In-depth knowledge of fraud prevention, detection and investigation
- Element of independence that may not be realized using employee internal auditors
We can assist you in developing risk-based internal audit activities tailored to the specific needs of your organization.
