Due to popular demand TDA is now offering advice in this area.

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Sourcing is a valid and important mechanism for delivering internal audit services, however I’m regularly stunned at how often organisations manage to get a poor outcome, resulting in huge frustration by the client and the firm.  When contracts go wrong these can leave a sour taste which takes many years to get rid of, which sometimes you think will never go away.

Over the past 10 years I’ve explored just about every approach imaginable in relation to sourcing.  I’ve used big firms, small firms, boutique firms, run market testing exercises, tender processes, hired firms, fired firms, performance managed firms, used outsourcing, used cosourcing, used secondments and every variation thereof.  I’ve had successes, failures and everything in between, and carefully worked out why, and how to put mechanisms in place to minimise risk and guarantee outcomes to the extent practicable under law.

While in the Big 4 environment I’ve also been on the other side of the table and therefore have a deep understanding of how the game is played and the tricks of the trade including the reality behind the marketing facade.   Only by being on the other side of the table can you really know how to get past the marketing puff and ‘negoitation tricks’ to get a great outcome.

Since then I’ve also benchmarked with large and small organisations in Australia and internationally to see why things go wrong and why things go right.

The good news, is there is a relatively simple formula, which we can help you apply to get you the desired result.  Some ways we can help are:

1. Setting up for success – getting a new contract up from intial market assessment through procurement and appointment

2. Digging yourself out of a hole – getting a contract back on track when it is going off the rails, including alternative options if required

3. Optomisation – getting the most out of an existing provider.

Why TDA

We would contend that no-one currently knows more about the market for internal audit services in Australia, the firms that provide them or the best practice models than us and that for less than 1% of your total spend with your provider, we can give you what you need to set yourself up for success.*  Email todd@todddavies.com.au to find out more.

* Depends on the size of your overall spend

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• Clarity and unity of vision and sponsorship by internal stakeholders
• Clarity of responsibility between the various assurance, risk and compliance functions
• Efficiency in delivery
• Optomisation of risk and assurance coverage
• Increased risk-sensing ability
• Streamlined implementation with minimal false-starts

In short, bigger bang for buck and more engaged and satisfied stakeholders.

Please click on a link below to find out more about the type of work we typically get involved with.

Vision

• Vision setting
• Benchmarking
• Internal audit self assessment
• Enterprise governance framework

Enabled by High Performing Teams

• The Virtual Chief Audit Executive
• Getting the most out of internal audit sourcing
• Coaching for rising stars
• Getting the right staff on board

Powered by Leading Practices

• Internal audit transformation
• Audit committee best practices
• Assessing the adequacy of your risk framework
• Understanding GRC software solutions
• Strategic risk and emerging risk capability
• Stress testing your risk profile
• Compliance with the ASX Corporate Governance Council Principles and Recommendations

To subscribe to this series of occasional articles and case studies, please click here.