Internal Audit Services

At Versant, we have gained invaluable experience in audit and controls, through the successful execution of external and internal audit engagements. Our membership with international auditing organization such as the Institute of Internal Auditor (IIA), the American Institute of Certified Public Accountants (AICPA) and ISACA, further provides us with accessible resources to stay current within these evolutionary disciplines.

1. Full Internal Audit outsourcing

In this model, Versant is engaged to execute, fully and independently, all internal audit functions within the enterprise. Versant provides the entire team, sets up the department, accepts the charter and under the directive of the Board of Directors (e.g. The Audit Committee), conducts all the engagements. There are several benefits to full outsourcing. They include:

• Certified and experienced leadership
• Qualified and experienced team auditors
• Involvement of a full-time, experienced and professional team from the onset
• Time efficiencies in achieving objectives
• Strengthening of the principle of independence
• Less administrative, resourcing and logistical responsibility on the part of the client.

2. Co-sourcing

Versant provides the Chief Audit Executive and one or more experienced team auditors. In addition, the client assigns one or more members of their own staff to the internal audit pool, who are independent of the processes to be audited. The blended team option affords the following benefits:

• Certified and experienced leadership
• Qualified and experienced team auditors
• Exposure and involvement of client's staff on team
• Developmental learning for client's staff in the team
• Inherent "knowledge of the business" among client's staff
• Reduced costs.

3. Internal audit team support

Finally, the Internal Audit team support model is a good fit for those enterprises in which an internal audit function already exists. The services of Versant are engaged as an additional resource to provide guidance and support on an intermittent or ongoing basis.

Examples of such involvement include: advisory guidance to the Internal Audit team leader, assistance in designing audit plans and programs, designing of audit reports, evaluation of audit findings, assistance with compliance or representation with regulatory bodies, technical training and staff upgrading. Versant, as a reliable and available resource, is the premise of this model.

• Retention of in-house team
• Certified and experienced guidance when needed
• Retainer access to a ready knowledge center
• Training resources