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To prevent and deter fraud effectively, an organisation should have an appropriate oversight function in place. Implementing effective internal controls is only the beginning of reducing risk. Implementing controls does not necessary mean that the controls will be adhered to. Employees seeking to commit fraud or employees not understanding the need for controls will most probably slack in maintaining internal controls if they know there is no process of auditing their actions and consequences to those actions. To maintain the high standard of administration and risk management set by the company in implementing effective internal controls it is important to ensure that implemented controls are adhered to.

Internal audit is an independent and objective assurance activity designed to add value to the company by reporting to management if reasonable assurance could be obtained that the implemented internal controls are effectively adhered to.

What benefit is there in having outsourced internal auditing?

Financially a company will benefit from using outsourced internal auditing rather than having an internal auditing department. Reason being that an internal auditing department needs the skills of a qualified person to develop auditing plans and reviewing the results as well as employees to perform the audits, all of these employees will have to be employed full-time. Permanently employed employees are a commitment that cannot easily be adjusted according to your needs at the time. Having outsources internal auditing will give you access to the level of knowledge you need for the time you need it and can be developed to align with the companies budget constraints.

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