Outsourcing Internal Audit
“Not everything that counts can be counted, not everything that can be counted, counts”.
Organisations are coming under increased scrutiny with a feeling amongst the public and funders that external audit processes simply do not deliver enough assurance. With a mission to inform, educate and motivate, ReganStein is addressing this challenge head-on via its outsourcing internal audit function.
Based on key risks that organisations face, this outsourced internal audit function focuses on key strategic, operational, financial and reputational risks facing organisations and the internal controls that mitigate them.
In today’s climate, donors want accountability and organisations need assurance that risks are managed. This programme identifies cost-effective solutions to mitigating internal control weaknesses and improving efficiency.
• Provide additional assurance to governing bodies of financial probity
• Be able to demonstrate an improved control environment to donors
• Reduce the likelihood of fraud and develop systems to respond to threats
• Improve efficiency of operation
Schedule (5 days)
Over the course of 5 days, ReganStein’s expert will review your risk management systems, internal control arrangements and operational efficiency to provide guidance to senior management to manage risk and
|Step 1||Senior management meeting||Meeting with senior management to understand the organisation’s main financial and control strengths, challenges, needs and risks|
|Step 2||Review of risk management and internal controls||Review of the current system for managing risk – including strategic, operational, financial and reputational risks|
|Review of internal control environment and range of preventative, detective, and corrective internal controls|
|Step 3||Efficiency review||Review key inputs and outputs to establish the efficiency of operations|
|Step 4||Detailed review of
|Focus in on a number of key issues that have evolved from the initial reviews, where further detail is required|
|Step 5||Report development||Development of report outlining key strengths and weaknesses found in the review and key recommendations for improving risk management, internal controls and operational efficiency|
|This will be in a workshop format to assist the leadership team to prioritise and schedule the improvement program. If required, this half-day can take place following a period of reflection on the report’s findings.|
|Plan for improvement||This workshop will assist the leadership team to prioritise and schedule the improvement programme|
Quotations will be provided on request.
This programme, which can be delivered nationwide, is optimally undertaken as set out above. The 5 day programme does not have to be undertaken on consecutive days, but each day should be taken as a unit.