"If you deprive yourself of outsourcing and your competitors do not, you're putting yourself out of business."
Lee Kuan Yew

WHAT?

According to The Institute of Internal Auditors “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 the effectiveness of risk management, control, and governance processes.”

Internal Audit aims to ultimately help organizations anticipate and be prepared for the risks that may obstruct strategic growth.

OUTSOURCING?

Outsourcing here means that we, as an external service provider, act as the Internal Audit function for your organization. This comes in two major flavors:

  • Outsourced – covers the full range, risk-focused internal audit function is outsourced to Seven Security Group
  • Co-sourced – shared function execution, with Seven Security Group handling more specialized projects that require specific expertise

BENEFITS

  • Obtain unrestricted evaluation of the organization
  • Receive objective, unbiased advice to management
  • Achieve a higher level of assurance and risk coverage
  • Reduce costs, short and long-term
  • Align organizational governance with risk and compliance
  • Proactively identify and manage emerging risks
  • Benefit from a broader skills set and deeper industry specialization
  • Obtain intellectual capital, with insights and recommendations on leading practices
  • Have access to leading-edge tools and methodologies
  • Free up valuable in-house resource for core activities
  • Transfer knowledge and capabilities to your organization

TALK TO US

WHY US?

There’s quite a debate over the pros and cons of outsourcing Internal Audit function. The concerns are mainly derived from the risk, responsibility and reliability issues connected with the choice of external consultants. And that’s exactly how it should be. Seven Security Group addresses these concerns by giving you and fulfilling a checklist of things to demand from an outsourced Internal Audit service arrangement:

  • Identify objectives clearly
  • Establish transparent service scope
  • Establish level of expertise needed
  • Agree on performance metrics
  • Define responsibilities for remediation and follow up
  • Stipulate the creation of a quality assurance and improvement program
  • Define clear rules for the status of work papers at service end
  • Establish limitations, if applicable, on work we may do for your competitors

OUR CONSULTANTS

With our people, methodologies and technology we will cater to your Internal Audit needs and we will provide world class Internal Audit consulting, project management and execution. Our consultants:

  • Are an independent and objective alternative to any in-house arrangement
  • Are your partner, regarding risk in the context of your business
  • Will follow a business approach to challenges and opportunities
  • Will give you service based on our experience, sector insight and global business acumen
  • Will make your investment in outsourced or co-sourced internal audit worthwhile
  • Are here to help improve your internal IT controls

THE PROCESS

A typical outsourced Internal Audit project will have five phases:

  • Selection - organization-wide or pre-selected area/project risk assessment to define audit surface and objective
  • Planning - gather relevant information, stipulate chain of command/reporting and draft plan with scope and timing
  • Execution – fieldwork commences, with regular status meetings to discuss observations, potential findings, and recommendations
  • Reporting – communicate draft and final report of findings, conclusions, and recommendations
  • Follow-Up – on findings and approved remediation action plans; and re-audit where applicable

PRICING

The costs for an outsourced Internal Audit service will depend on the size, project complexity and the industry sector of your company. Based on an initial and ongoing assessment, we will provide flexible, tailored pricing to achieve and maintain Internal Audit standards, all the while with an eye on cost-effectiveness and feasibility.

The service ideology is based on affordability with a maximized value-for-money approach. Depending on your company’s needs for Internal Audit involvement, complexity of one-time or ongoing projects, we will devise the most cost-effective plan to make sure your business model is adequately protected.