Sourcing for the internal audit function
A firm's internal audit operation must fit its corporate structure and requirements. By HENRY TAN
FOR such a critical function, internal audit is too often regarded as simply a box to tick on management's list of operational things to do. In actuality, the Singapore Code of Corporate Governance requires companies to establish an effective internal audit function that is adequately resourced and independent of the activities it audits (Principle 13). A more pressing call is how a company should approach its internal audit options to best fit its corporate structure and requirements. Essentially, there are three primary options: in-house, outsourced, or co-sourced.
In-house
In-house internal audits rely solely on company resources, staff and expertise.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
HCA beats first-quarter profit estimates on higher patient admissions
F&B operator YKGI to exclusively operate Chicha San Chen in Macau for next eight years
LMIRT Q1 net property income dips 3.1% to S$30 million on higher expenses
Exxon misses on Q1 profit despite big gains in Guyana
US FDA approves Pfizer’s gene therapy for rare bleeding disorder
Chevron's quarterly profit beats estimates