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Outsource or co source your internal auditing function
Organizations find it costly to have adequate internal
audit resources in place to meet its increasingly high
demand of internal audit functions within its organization.
We provide outsourcing or co sourcing solutions to satisfy
specific needs in terms of regulatory compliance audit,
internal control audit and advise on risk management.
Management should not really care where the organization
“gets the horses to pull the plow,” they
just care that "the field gets plowed before dark!"
For more information about this service, please contact
our partner in charge.
Rainer
Li - Managing Partner
International Practice
Relationships and Transactions |
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Room 2008,Tower
C, Webok Times-Center
Zhongguancun South Road, Haidian District
Beijing 100081, PRC |
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Direct Line: |
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86-10-88579386 |
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Cell Phone: |
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86-10-13601266590 |
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Email: |
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rainer@chindelity.com
office@zhongtianheng.com.cn
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Web Site: |
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www.chindelity.com |
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Internal auditors’ role in organizations
Nowadays organizations are facing increasingly various
risks that threaten to reach its objectives. A series
of business scandals have made investors, company personnel
and other stakeholders suffer tremendous loss. In addition
under the new compliance requirements in different legislations
in the world, organizations are under great pressure
to have the enhanced corporate governance and risk management
framework in place to manage its risks and satisfy legal
compliance requirements. Today’s organizations
are much more concerned about its risk management, corporate
governances and internal control.
As defined by Institute of Internal auditors( “IIA”),
“Internal auditing is an independent, objective,
assurance and consulting activity designed to add value
and improve an organization’s operations. It helps
an organization accomplish its objectives by bringing
a systematic, disciplined approach to evaluate and improve
effectiveness of risk management, control, and governance
processes.”
What values can the internal auditors bring
to an organization?
Today’s internal auditors are the valuable part
and component of the management team. Through their
efforts, internal auditors are playing important roles
in assisting the organizations in its effective discharge
of responsibilities, promoting the establishment of
cost-effective controls, assessing risks to the organization,
and recommending measures to mitigate those risks. Internal
auditors can add value by:
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Reviewing critical control systems
and risk management processes. |
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Performing an effectiveness review of management's
risk assessments and the internal controls. |
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Providing advice in the design and improvement
of control systems and risk mitigation strategies.
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Implementing a risk-based approach
to planning and executing the internal audit process.
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Ensuring that internal auditing’s
resources are directed at those areas most important
to the organization. |
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Challenging the basis of management’s
risk assessments and evaluating the adequacy and
effectiveness of risk treatment strategies. |
Does your organization need an internal audit
function?
We believe that each organization, regardless of its
size, should have some type of internal control system
or process in place. As pointed out in COSO’s
Internal Control
— Integrated Framework, a key component of the
control process is monitoring. Internal audit function
represents an effective component of monitoring activities
within an organization.
Monitoring can vary from a small, closely held organization
to larger public organizations. For those closely held
business, the monitoring objective could be reached
through owners’ close look of daily business activities.
The structure of the internal auditing function should
be dependent on various stakeholder expectations, risk
tolerance levels, public or legal requirements, and
the size and complexity of the organization and its
operations. For those larger public and group organizations,
It is always imperative to have a professionally staffed,
independent, objective assurance and consulting activity
in place to evaluate risk management, control, and governance
processes. To reach this objective, an organization
may choose to maintain an in-house internal auditing
group or outsource or co source its internal control
functions to a professionally staffed third party providers.
Why outsource or co sources your internal audit
function?
Today it is challenging tasks for internal auditing
resources to meet the high demands of internal auditing
functioning within organizations. No matter how large
or experienced an internal auditing staff, it is not
likely to employ (full-time) all of the expertise needed
to audit everything in the organization. It is practical
for organizations to outsource or co source its internal
audit functions to a professional third party providers.
Many benefits can be realized through an outsourced or
cosourced arrangement of the internal audit function:
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Balancing your human resources.
Through outsourced or cosourced arrangement of internal
control activities, you can well manage and balance
your internal audit resources with increasingly
high demand of internal audit functioning; |
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Enhancing internal
audit performance and quality. We adopt
world class standards, methodologies and tools to
perform internal audit activities. We have a solid
and systematic quality control programs in place
to reach the effective assurance objectives. |
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Staying on top.
Outsourced or cosourced internal audit function
arrangement can always bring new ideas, information
about other firms’ "best practices,"
access to industry thought leaders and more, without
the disruption caused by continuous recruitment
and employee turnover. |
Our expertise and strength It
is a wise option to outsource or co source your internal
audit functions to Chindelity’s professional team.
You can gain the trusts from us because we are confident
that by reassigning internal audit activities to Chindelity,
you are joining forces with the competent, experienced
and top qualified internal audit professionals.
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Qualified talents.
We always employ and retain most talented and qualified
professionals to serve our clients. Our partners,
managers and professional s are ex-senior manager,
managers and staffs of the established international
accounting firms. We have in depth knowledge and
expertise of internal control auditing and internal
audit practice. We also have expertise for various
industry sectors. Our bilingual staffs have both
international exposures and local experiences. |
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International
standards. Your work is always performed
by a competent, professional staff that adheres
to the Standards for the Professional Practice of
Internal Auditing and local practice standard. |
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Our unique approach.
Chindelity’s approach is uniquely tailored
to meet your specific needs. Our highly specialized
skills and technical capabilities complement your
people’s knowledge and insights. We use risk
based approach to derive the internal audit plan
and execute your internal audit function. We add
value to your organization by focusing the resources
and efforts on performing an effectiveness review
of management's risk assessments and the internal
controls, providing advice in the design and improvement
of control systems and risk mitigation strategies.
We always put more emphasis on timely and effectively
communications with your management. This communication
will be continuous, highlighting emerging issues
and providing a forum for the discussion and resolution
of any matters that require special attention. dynamic
aspects of your company, your people and environment.
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Leading Edge Technology.
Chindelity internal audit cosourcing methodology
is risk-based and begins with an assessment of the
organization's internal control environment. To
assist us in the documentation and implementation
of systematic internal control procedures, we will
use the world class internal audit software tool
and other software tools. CaseWare IDEA is a powerful,
easy to use audit and analysis tool that allows
to display, sample, extract and analyze data from
files generated by a wide variety of computer systems,
right on your desktop. These automated tools greatly
facilitate the internal control assessment process
and embraces the risk control model defined by the
Committee of Sponsoring Organizations of the Treadway
Commission (COSO). |
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