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BID DOCUMENT FOR PROFESSIONAL SERVICES: SOURCING OF INTERNAL AUDIT SERVICES FOR A PERIOD OF 03 YEARS BID NO : CLOSING DATE: CLOSING TIME:INGE/12/2024 04 OCTOBER 2024 11H00ENQUIRIES REGARDING THE BIDDING

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What is co-sourcing of internal audit?

Co-sourcing of internal audit refers to the practice where an organization collaborates with an external firm to enhance its internal audit functions. This allows the organization to leverage external expertise and resources while maintaining some level of internal control.

Who is required to file co-sourcing of internal audit?

Organizations that engage in co-sourcing arrangements for internal audit activities are typically required to file relevant disclosures, especially if they are publicly traded or regulated entities. Specific requirements may vary by jurisdiction and governing body.

How to fill out co-sourcing of internal audit?

To fill out co-sourcing of internal audit, organizations should complete any required forms or documentation provided by the relevant governing authority. This may include detailing the scope of the co-sourced work, identifying external partners, and disclosing key findings or outcomes.

What is the purpose of co-sourcing of internal audit?

The purpose of co-sourcing of internal audit is to enhance the effectiveness and efficiency of the internal audit function by combining internal knowledge with external expertise, providing a broader perspective and additional resources for auditing activities.

What information must be reported on co-sourcing of internal audit?

Organizations must typically report information such as the scope of co-sourced services, details of the external audit firm involved, outcomes of the audits, and compliance with regulatory requirements. This ensures transparency and accountability in the auditing process.