Internal audit teams can often become stretched and struggle to find the capacity or resources to complete the audit programme. With the growing complexity of business operations and regulatory expectations, internal audit teams must have access to specialist knowledge when they need it most. This applies to both the development and assessment of audit programmes, as well as the delivery of the audit plan of works.
Co-sourced internal audit is a collaborative partnership between in-house teams and an externally appointed provider. This approach can help to plug resource and knowledge gaps and help to complete a specific project or task on time. This is different to our fully outsourced internal audit service, where our specialists handle your internal audit function from end-to-end.
The benefits of co-sourced internal audit
RSM’s financial services internal audit team has extensive experience in working collaboratively in a co-sourced capacity with in-house teams, with a proven track record of delivering successful internal audits.
There are numerous benefits to co-sourcing your firm’s internal audit function, including:
- Increased efficiencies – our experienced team possess a wealth of knowledge they can share with your in-house team, to help them adopt a more streamlined and organised approach.
- Ease capacity issues – capacity issues are often a key driver in the need for co-sourced internal audits. We can help to relieve the pressures and demands on your team.
- Benefit from market leading experience and knowledge – our financial services internal audit team are among the leading experts in the industry, possessing the essential knowledge to help your team complete all tasks.
- Flexibility – some audits and tasks require more resources than others, so our tailored approach fits around your needs and objectives to ensure you have the right amount and type of support at the right time.
- Unbiased advice – as an independent third-party provider, we are well placed to provide honest and constructive feedback that will help your business achieve its objectives.
Support you need, when you need it
Co-sourcing your internal audit function is an effective way to ensure that you have the level and type of support you need, when you need it.
Our experienced team of financial services internal auditors will collaborate with your in-house teams, to deliver a tailored internal audit solution that is right for you - providing the insight driven outcomes and the business assurance you need.
Case study: audit support for FTSE 100 global securities and trading firm
Our client is a FTSE 100 global securities and trading firm with €33bn of assets in third party funds and proprietary capital under management, principally in closed-end funds.
We initially provided fully-outsourced internal audit services to this client and were appointed in 2014 to set up the internal audit function in the UK. We completed a full business risk assessment with executive management and developed an initial four-year audit plan, which covered:
- key funds;
- business operations;
- regulatory; and
Then, when the executive management team appointed an internal candidate to the position of full-time Head of Internal Audit, we helped train this person in internal audit methodology and approach.
Following this appointment, we became the firm’s co-source provider of internal audit experts in key funds, business operations, risk, regulatory and IT on an ongoing basis.