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Sourcing for the internal audit function

A firm's internal audit operation must fit its corporate structure and requirements. By HENRY TAN

Published Sun, Jun 15, 2014 · 10:00 PM
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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.

For smaller companies, this option may simply not reap the necessary cost efficiencies available to larger players which can invest in the dedicated deve…

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