Business process co-source and IT audit outsource

Project overview and objectives

This paper product manufacturer wanted an innovative partner that could bring a fresh perspective on auditing IT controls globally. There were also some other hurdles to navigate:

• Lack of internal audit department to perform SOx business process and IT controls testing
• IT SOx readiness surrounding SAP was required for a newly acquired international company
• Lack of expertise within various business processes to support understanding and testing
• Limited relationship between internal audit, the business, and the external auditor

What we did

We conducted business process, IT, and operational audits, as well as helped prepare audit committee materials. Beyond that we also:

• Worked directly with business and IT leads to streamline annual audit procedures
• Educated the international team and shared best practices on IT SOx control frameworks for SAP
• Worked with management to understand how internal audit can be most efficient when working with the business

Impact

Our work is being felt across the organization (in a great way!). Here’s a peek at the difference our fresh perspective and enhanced quality workpapers made:

• Drove a decrease in internal audit fees that, combined with an increased external audit reliance, decreased overall audit external fees
• Identified areas of improvement and best practice audit processes based on the project team’s technical understanding and experience in external audit and SOx compliance
• Provided value-add recommendations and feedback to enhance control environment and overall process
• Improved relationship with the business and external auditors