Internal Audit Outsourcing – Hyphen Consultancy

Internal Audit Outsourcing

We exist for creating better working lives through well-governed organizations.

Governance is a broad term that essentially means leading the organization to achieve its objectives in an efficient and effective manner.

People at different levels of the spectrum have a role to play in this domain; however, there is a group of professionals who can become a real catalyst for enhancing its effectiveness, i.e. the “Internal auditors”. We assist, support, advise and work with internal auditors to help them enhance the governance of their respective organizations

WHY OUTSOURCE

The changing patterns of work and technological advances bring strong competition in the market and to survive and progress, companies need to find the optimal solution in utilizing their resources. One method is to bring flexibility in work models by outsourcing specific functions. Outsourcing promotes task-oriented environment and provides the agility necessary to keep up with the changing times. Other advantages of outsourcing includes:

COST EFFECTIVENESS

COST EFFECTIVENESS

Only pay resource for the time spent working. No training costs, no cost of hiring.

EFFICIENCY AND TIME EFFECTIVENESS

EFFICIENCY AND TIME EFFECTIVENESS

Immediate support dedicated towards the task at hand.

MULTI-INDUSTRY KNOWLEDGE

MULTI-INDUSTRY KNOWLEDGE

Access to multi-industry expertise and the skills not available internally.

RELEVANT ASSISTANCE

RELEVANT ASSISTANCE

With our vast array of skills and experience, we can provide you with the required resources relevant to your needs.

EXTERNAL PERSPECTIVE

EXTERNAL PERSPECTIVE

Independent unbiased view

WHY US?

Why we can deliver what we promise.

Right Team having the relevant experience in the field of Internal Auditing, Governance and Risk management.

Relevant Market and Sector Experience, of working in the Middle East and Pakistan in the field of Internal Audit. Vast experience of internal audit of companies working in the field of construction, manufacturing, power and services sector.

Strong engagement of a Principal Consultant with extensive experience in the domain of Internal Audit and Risk Management.

Experience of both sides of the table– Our principal consultant has served in top tier multinationals in various risk related functions and also in advisory services.

Passionate team – Delivered a number of successful projects with sheer commitment and zeal.

IN-DEPTH DOMAIN EXPERIENCE

  • GOVERNANCE
  • INTERNAL CONTROL
  • ENTERPRISE RISK MANAGEMENT
  • INTERNAL AUDIT
  • STRATEGY
  • INFORMATION SECURITY
  • IFRS
  • HEALTH,SAFETY & ENVIRONMENT
  • SUPPLY CHAIN

40 YEARS OF COMBINED TEAM EXPERIENCE

OUR APPROACH

THE METHODOLOGY

IA PROCESS

STEPS

OUTPUT


  • IDENTIFY BUSINESS OBJECTIVES

  • Review of strategic plan
  • Meetings with top management
  • Review of operational & financial reports
  • Detailed risk workshops with management


  • INTERNAL AUDIT PLAN (AREAS TO LOOK FOR)



  • IDENTIFY & ASSESS RISKS

  • Review of strategic plan
  • Meetings with top management
  • Review of operational & financial reports
  • Detailed risk workshops with management


  • INTERNAL AUDIT PLAN (AREAS TO LOOK FOR)



  • ASSESS ORGANIZATIONAL READINESS/DESIGN TO ACHIEVE OBJECTIVES

  • Identify underlying processes
  • Complete process understanding including related controls
  • Document objectives, risks & controls



  • OBJECTIONS, RISK CONTROL MATRIX



  • ASSESS CONTROLS OPERATIONAL EFFECTIVENESS
  • IDENTIFY & ASSESS RISKS

  • Control owners identification
  • Detailed verification for the operational effectiveness of controls as designed.



  • GAP REPORT WITH ACTIONS STEPS FOR REMEDIATION & PROCESS IMPROVEMENT



  • ASSESS CONTROLS OPERATIONAL EFFECTIVENESS

  • Working alongside management to ensure remediation of gaps
  • Regularly reporting to Audit Committee/Top Mgm on the status.



  • IMPLEMENTATION STATUS REPORTS


TYPES OF OUTSOURCING SOLUTIONS

Long Term Solution

Complete outsourcing of Internal Audit function.

Interim Solution

You might already have an Internal Audit department but your resources are currently occupied and therefore unavailable. Demands are not being met and you need additional support on an urgent basis. Your requirement might only be for 2-3 months which makes this a much better alternative to hiring additional resources permanently with the possibility of them being idle for the rest of the year.

Customized Solution - Specific Expertise

Due to the ever-changing economic and technological landscape you find that you require certain expertise. With our vast array of skills and experience we can provide you with solutions relevant to your scenario. Examples: Cyber security, Forensic audits, Environment reviews.

WHAT OUR CLIENTS

SAY ABOUT US

  • It’s been sometime working alongwith Hyphen Consultancy seeking their support in SOCPA IFRS Transition, Audit & Risk Consultancy and developing Resource & Audit Management solutions. Throughout this association (and continuing), Faheem Piracha (the CEO of Hyphen) and his staff have displayed great understanding, good knowledge of applicable Standards, disciplined work approach, and willingness to learn. Our recent experience working alongwith their Audit resources have been amazing. Due to reasons, we preferred them over the Big-4 firms with words of caution. However, their contribution in the successful revamping of Internal Audit function in our Group was as good as we could have expected from the Big-4 firms. Once again, their understanding, knowledge and disciplined work approach helped us to achieve this milestone. I wish Faheem and his colleagues at Hyphen all the success in the coming days, and hope that Hyphen would be viewed as a success story for young entrepreneurs in Audit, Risk & Business Advisory Services
    Nauman Sohail Group Chief Audit Executive Al Suhaimi Holding Company
  • We collaborated with Hyphen consultancy in 2014 and outsourced internal controls design assessment including process review, preparation of test plans and conducting walkthrough. During the three months’ assignment, hyphen consultancy resources were deputed at our office who were good in collaborating the activities within the organization and concluded the activity within project timelines. Hyphen consultancy management were also available for guiding their resource when required and were supportive in understanding our requirements and concerns.
    Imran Ashraf CEO Telenor Global Shared Services Center
  • Premier Oil has engaged Hyphen Consultancy several times over the last three years for Partners’ audit of Operator records and the results we have gotten have always been very positive. Faheem has a take-charge attitude and subtle-yet-confident approach that resulted in him being immediately received appreciation from all quarters in Oil & Gas exploration and production industry. Hyphen has added value not only for us but for the Operator as well. Hyphen is dedicated to their clients, deliver reports within agreed timelines and even supported clients till the close out of all the findings.
    Munir Malik CFO, Premier Oil
  • It is my pleasure to provide feedback on Hyphen Consultancy performance to-date on the IFRS conversion for Binzagr Co. In perspective, we had selected Hyphen and awarded them the IFRS conversion task from a choice of 5 leading contenders including big name Consultancies. However we opted for Hyphen because of their promise to head the task with their experienced consultants and close supervision and involvement of Faheem Piracha, the head of Hyphen Consultancy. While the task is spread over three phases including opening balances of 2017, then 2017 yearend comparatives, and review of 2018 and the project is still ongoing, we have noted that Hyphen is delivering as promised. The team is dedicated, is collaborative and delivers beyond the content of deliverables in the signed agreement. I have no hesitation in recommending their professionalism, timing and delivery to another organization for similar services.
    Tausif Hashmi, FCA Senior Vice President Finance Binzagr Co
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