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Success Story - Internal Audit Outsourcing

Creating and sourcing an Internal Audit function

Superior risk and compliance services focused on improving company results

A technology company experienced rapid growth that increased the complexity of business transactions along with the scope and impact of risks. Senior management and the Board recognized the importance of having an Internal Audit function to assure reliable financial reporting and improve process controls. The company did not have the expertise to create and staff an Internal Audit Department. They turned to Aventine Hill Partners for help.

Our Solution

An Aventine Hill Partners Chief Audit Executive (CAE) Advisor assessed the situation and designed a roadmap to create the Internal Audit function. A resource plan was also developed that would utilize Aventine Hill Partner's audit professionals on an interim basis instead of hiring full-time employees.

Implementation of the roadmap by the CAE Advisor and a consultant included:

  • Developing the audit charter
  • Performing an initial enterprise risk assessment and scoping the internal audit universe
  • Identifying key processes, general ledger accounts, and associated risks from the perspective of “What Can Go Wrong"
  • Creating the risk and control matrix
  • Performing process walkthroughs and assessing the design of the internal controls
  • Creating the internal audit plan for the fiscal year.

The audit plan then drove resource planning. A goal set by the company is for the Internal Audit function to identify cost savings and revenue enhancement opportunities. Because our audit methodology is driven by a Return on Invested Capital philosophy, it was determined that utilizing a CAE Advisor and audit professionals on-demand from our consulting staff would best achieve the goal. And, it would be more cost effective than hiring and training full-time employees.

Results

Using Aventine Hill Partners' internal audit leadership, expertise, and methodologies, this company quickly and cost-effectively established an Internal Audit function tailored to its unique needs and goals. Learn more about our Internal Audit Advisory and Support capabilities.

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