Outsourced Assurance Support Services (OASS)
Under Outsourced Assurance Support Services, Arabella engages expert audit and assurance professionals as per clients’ requirements and dedicates these professionals to provide backend support for various aspects of the auditing process. Arabella provides such services to businesses, organizations, or accounting firms to supplement their audit teams or to handle specific audit-related tasks.
The outsourced audit support services we provide include:
- Financial Statement Audits: Hire external firms to conduct independent financial statement audits, ensuring compliance with accounting standards and regulations. Review financial records, internal controls, and other relevant information to provide an unbiased opinion on the accuracy and fairness of the financial statements.
- Internal Control Assessments: Assess and evaluate internal control systems of outsourcing firms to identify weaknesses, gaps, or areas for improvement. This helps organizations enhance their control environment and minimize the risk of errors, fraud, or non-compliance.
- IT Audits: IT audit support services involve reviewing an organization's information technology systems, infrastructure, and controls. External specialists can assess the security, integrity, and efficiency of IT systems, identify vulnerabilities, and suggest remedial actions.
- Compliance Audits: External audit support can be sought for specialized compliance audits, such as regulatory compliance (e.g., Sarbanes-Oxley Act), industry-specific compliance (e.g., healthcare, financial services), or environmental compliance (e.g., sustainability, emissions).
- Forensic Audits: In cases of suspected fraud or financial misconduct, organizations may engage forensic auditors to investigate and analyze the evidence. These professionals are skilled in uncovering fraudulent activities, conducting interviews, gathering evidence, and presenting findings for legal purposes.
- Process Audits: Our Process Audit support services we review and analyze specific business processes within an organization to assess their efficiency, effectiveness, and alignment with best practices. This helps identify bottlenecks, risks, and opportunities for process improvement.
- Specialised Audits: We can also facilitate specialised audits for organizations to meet their audit requirements tailored to specific needs, such as inventory audits, tax audits, due diligence audits for mergers and acquisitions, or performance audits to evaluate the efficiency and effectiveness of operations.
By outsourcing audit support services, your organization can benefit from specialized expertise, independent perspectives, and increased capacity during peak periods. It allows your internal audit teams to focus on strategic and high-value activities while leveraging external professionals' knowledge and experience in specific areas of auditing.