For credit and financial services institutions, as well as capital management companies and investment funds, the existence of capable internal auditing is a prerequisite for business continuity. From an economic point of view, however, it is not always meaningful to entrust staff in an exclusively process-independent manner with internal auditing tasks. This explains the common practice in smaller institutions of assigning the task of internal auditing to external service providers.
The prerequisite for successful outsourcing is the external service provider's in-depth understanding of the business model and internal processes of the outsourcing company and more specifically of the company and its business model in the context of regulatory requirements. BDO has a team of employees who have specialised in auditing activities for smaller institutions for many years, and who have, in part, fulfilled this role full-time for comparable institutions.
Due to our experience in this field and thanks to the interface to annual audits for banks and financial services institutions, capital management companies and investment funds, we have an extensive stock of check lists and sample reports tailored to various business sizes and models. Supported by modern IT tools, this puts us in a position to offer efficient and high-quality support to our clients.