Services
Outsourced and Co-sourced Internal Audit
Efficient – Objective – Compliant
Service and product description
Our Outsourced and Co-sourced Internal Audit services support businesses by either fully performing internal audit functions or partnering with your existing internal audit team to ensure effective risk control and compliance. This service helps businesses save costs, enhance audit quality, and focus on core activities.
At Crowe Vietnam, we apply a globally unified internal audit methodology:
- Outsourced Internal Audit: Crowe Vietnam performs the entire internal audit function, including evaluating processes, risk management, internal controls, and regulatory compliance, without requiring an in-house internal audit team. We coordinate and report directly to the Head of Internal Audit and/or the Audit Committee/Board of Directors.
- Co-sourced Internal Audit: Under this model, Crowe Vietnam collaborates with, supports, and supplements the client’s internal audit team with additional resources, expertise, and experience. The goal is to ensure an efficient, objective, and compliant audit process.
Our methodology focuses on risk-based auditing, addressing client objectives and the challenges in achieving them. Internal audit delivery can take various forms, each offering different levels of ownership and combinations of fixed and variable costs.
Context for utilizing our services
Outsourced Internal Audit: Typically for businesses seeking to fully outsource their internal audit plan to gain advantages such as (1) meeting work deadlines, (2) saving time and effort for leadership, (3) reducing costs, (4) ensuring higher work quality, (5) enhancing objectivity and independence, and (6) leveraging the reputation and credibility of an established audit service provider.
Co-sourced Internal Audit: Typically for businesses that have an internal audit department but lack sufficient staff or specialized expertise. They may need support due to (1) limited expertise in IT, data analytics, regulatory knowledge, or (2) difficulty and high costs associated with recruiting, developing, and retaining qualified audit personnel.
Service process
Step 1: Risk Assessment
Conduct a risk assessment to understand the key risks facing the business. This step identifies critical areas to audit, optimizing resources and time during the internal audit process.
Step 2: Planning
Based on the risk assessment, we develop a detailed audit plan, including scope, timeline, and required resources. The plan is discussed and agreed upon with the client to ensure it meets expectations.
Step 3: Execution
Our auditors carry out the planned audit activities, from data collection and analysis to reviewing processes and compliance with applicable regulations and standards. We work closely with the client’s internal audit team to ensure a smooth and efficient process.
Step 4: Reporting & Deliverables
After completing the audit activities, we discuss findings, results, and recommendations with the client. A detailed audit report is issued to provide clear insights into the company’s risk management and internal control systems, along with improvement suggestions.
Timeline for service delivery
The service timeline depends heavily on the project scope, client feedback, and the level of collaboration (including involvement of suppliers, customers, lenders, or investors).
Typically, we complete this service within 4 – 6 weeks for most cases. For urgent requests, we apply special measures such as mobilizing additional resources, flexibly adjusting processes, and requiring active cooperation from the client to ensure timely and successful delivery.
Quotation process and service fees
To prepare and send you a tailored quotation, we kindly request that you provide relevant information via our form and/or through an in-depth discussion. Based on the information collected, we will analyze your needs and specific requirements in order to:
- Assess the feasibility of service delivery: Determine whether we can provide the requested service appropriately and at a guaranteed quality level.
- Advise on optimal solutions: Recommend alternative solutions (if any) to help optimize efficiency and cost-effectiveness for your organization.
If we are able to support you, we will propose a reasonable fee based on:
- An estimated workload of the engagement;
- The level of professional expertise required from our team.
Estimated response time: The quotation process will be completed within 12 to 24 hours upon receiving your request.
Frequently asked questions
1. Why should businesses use outsourced or co-sourced internal audit services?
Businesses should use outsourced or co-sourced internal audit services for the following benefits:
- Optimize costs and resources: Reduce expenses related to maintaining an internal audit department, including salaries, training, and benefits; avoid investments in specialized audit tools.
- Enhance audit quality: Access to a team of experienced professionals using up-to-date methodologies and international standards.
- Increase objectivity and independence: Reduce conflict of interest risks by involving external specialists.
- Flexibility and business focus: Adjust audit scope as needed, allowing management to focus on core operations.
- Ensure compliance and risk management: Support legal and regulatory requirements, improve risk management, and proactively identify potential issues.
- Better preparation for external audits and inspections: Help prepare records and strengthen controls to minimize risks during independent audits or regulatory reviews.
2. Can we outsource only part of our internal audit work?
Yes. Businesses can choose co-sourced services to support their in-house team or fully outsource the internal audit function.
3. Does outsourcing internal audit reduce the company’s control?
No. We closely coordinate with the client and report directly to the Head of Internal Audit, the Audit Committee, or the Board of Directors to ensure full oversight.
4. Can this service help prepare for external audits or inspections?
Yes. We assist businesses in preparing data, improving control systems, and addressing weaknesses before independent audits or regulatory inspections.
Client and partner profiles
We aspire to collaborate with clients and partners who are committed to:
Kindness
Being ethical towards clients, employees, and partners through honesty, transparency, and respect for the legitimate interests of all parties.
Legal Compliance
Adhering to all relevant business regulations, including licensing, accounting, taxation, mandatory insurance, labor, goods, and environmental requirements.
Sustainable Development
Balancing profitability with the long-term interests of the community. Building a brand founded on trust and respect from clients and society.
Brand commitment
Crowe Vietnam is committed to building and delivering on its brand personality, with the goal of fostering trust and providing an exceptional experience throughout our journey with clients and partners.
High professional quality at a reasonable cost
Crowe Vietnam is committed to delivering high quality solutions and services at reasonable costs, ensuring an exceptional client experience. We consistently strive for differentiation and continuously enhance the professional capabilities of our team to best meet the evolving needs of our clients.
Professionalism
All our work is carried out meticulously and professionally, both in form and content. We maintain clear and detailed processes and guidelines to ensure efficient organization and execution. Work quality is always our top priority, strictly adhering to professional standards and best practices, while upholding the highest level of professional ethics.
Integrity and Kindness
Consistency between words and actions is a core principle at Crowe Vietnam. We are committed to delivering exactly what we declare or promise to our clients, partners, employees, and stakeholders. We uphold strong business ethics and always prioritize the common good, never compromising our commitments or harming others’ interests for personal gain.
Compliance
We are firmly committed to strict compliance with the law, and we absolutely refrain from any unlawful or fraudulent activities. We implement stringent and effective control measures to prevent and deter any misconduct, ensuring transparent operations and adherence to ethical standards.
Efficiency
We place a strong emphasis on efficiency and optimization in all our operations, aiming to achieve objectives using the most appropriate methods, timelines, and resources. We continuously improve our service delivery processes and actively apply technology including digitalization, artificial intelligence, and big data to enhance operational efficiency and deliver an exceptional client experience.
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Seminars
With the aim of delivering exceptional services to our clients, Crowe Vietnam regularly organizes in-person seminars and online webinars featuring insights from our experienced professionals and esteemed guest speakers.
Note: The seminar schedule below is subject to change.
Overview of Crowe Vietnam
Why choose us for this service?
Choosing the right service partner is a key factor in ensuring both effectiveness and peace of mind. Here’s why Crowe Vietnam is the trusted choice for you.
Crowe Vietnam is a full member of the Crowe Global network – a top 10 global brand in audit, accounting, and advisory, with over 798 offices in 150 countries. This global recognition enables clients to benefit from internationally standardized internal audit methodologies and trusted credibility.
Crowe Vietnam applies a globally unified risk-based internal audit methodology, focusing on risk management, processes, and internal controls. Our experts have successfully delivered in-depth internal audit services to over 1,500 clients in Vietnam, ensuring high-quality and objective results.
Crowe Vietnam’s internal audit process is systematically designed and transparent, from risk assessment and planning to reporting. It helps businesses improve governance effectiveness, save internal resources, and optimize operational performance.
Crowe Vietnam is committed to strict confidentiality of sensitive client information through robust control measures, ensuring that all data collected and analyzed during the audit process is protected to the highest level.
Supported by the Crowe Global network, Crowe Vietnam delivers internal audit services capable of quickly addressing international requirements – ideal for multinational corporations and businesses expanding abroad.
Crowe Vietnam offers internal audit services at reasonable and transparent fees, based on the scope of work and expertise of the audit team involved, helping businesses save costs and optimize their risk management budgets.
Senior Personnel
