Internal Audit Outsourcing
ICL offers a practical approach to Governance, Risk and Compliance-based services. We team with you to focus on and overcome business risks that prevent your organization from meeting its strategic and operational objectives. This process involves:
- A robust risk assessment: ICL conducts an intensive survey interview to determine negative events that can happen during operation, relative importance of each event, and likelihood of its occurrence to determine potential impact on your resources.
- Prioritization of risks: ICL prepares a "Risk Map".
- Implementation of audit plans: ICL shows you how to document internal controls with audit plans that fit your needs and budget.
- External audits: ICL will work with the external audit firm to provide updated internal control documentation as well as provide support for internal audits performed during the fiscal year.
View our Internal Control Evaluation Process
Internal Audit and Corporate Compliance Co-Sourcing
ICL can serve as an extension to in-house auditing programs and provide firms with a team of highly trained auditors that have extensive regulatory compliance expertise. This service is expected to enable customers to conduct a greater number of audits without the need to expand their internal audit and regulatory compliance teams.
ICL focuses on eliminating wasted effort and maximizing your effectiveness in your governance activities. We show staff and management new concepts and configurations followed by demonstrations on how these powerful new strategies can be implemented for increased efficiency and markedly less risk.
ICL can help you increase confidence in monitoring vendor performance by performing vendor audits. Such audits could be designed to:
- Review compliance with regards to vendor contracts and agreements
- Review work orders and purchase orders that are tied to actual work performed
- Review and reconcile expenses incurred by suppliers and billed to your organization
- Review and verify of out-of-pocket and pass through expenses