Process Partners provides partnering or co-sourcing of the information technology components within a company's internal audit function. These components typically include general and application control activities. For many companies, partnering is an effective way to achieve increased internal audit value while reducing the overall cost. Process Partners provides the combination of information technology, project execution and risk management experience and skills, to improve the value added by the internal audit function. Most important, Process Partners establishes a proven and sustainable process for internal audit function partnering.
Situation
Management's challenge is to provide an effective internal audit function which requires specialized technology skills, relevant information technology certification, flexibility in delivering a responsive internal audit plan, and staffing availability. Management is concerned with the level of costs incurred to support the information technology components of the internal audit function verses the value derived.
Opportunity
An effective internal audit function which understands and leverages technology allows objective assurance that the major business risks are being managed appropriately and that the risk management and internal control framework is operating effectively. Companies have the opportunity to achieve substantial benefits by leveraging technology to enhance the ability to monitor risks within the risk management and to identify design or effectiveness issues within the internal control framework.
Approach
Process Partners knows and understands the key criteria and the most effective process for applying technology within the internal audit function. Our experience and skills in information technology, project management and risk management is leveraged in our structured methodology to ensure that management expectations are met. We work to develop and maintain strong relationships with executives, senior management, audit committee, board, regulators and external auditors. Our methodology utilizes established management frameworks (such as COSO, ITIL and CobiT) to ensure sustainable results.
Depending on the company's situation we customize our methodology and services to optimize the combination of client and Process Partners resources. We ensure the appropriate resources and technical skills are available to execute the internal audit mandate while adding value. We maintain a professional presence as trusted advisor by relying on the following:
- Common internal audit methodology and professional standards
- Audit technology and proprietary tools
- Continuous training and credentialing
- Strong knowledge of industry, emerging trends and peer practices
- Continuous and proactive communications
- Fostered objectivity and independence
- Proven and sustainable process to ensure corrective action in a timely manner
- Assessment methodology for current IT governance practices
Our approach is flexible and comprehensive. It is driven by a customized roadmap addressing your immediate priorities, your planned improvements, your longer term strategic improvements and your designated timetable.
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