This audit report outlines an event-based timeline, a proposed interim delivery team structure, and roles and costs associated with an internal audit leadership transition. The new internal audit function will report functionally to the audit committee and administratively to an identified executive within the organization.
In this sample, the company must transition and restore the internal audit function to replace professionals who have moved to other responsibilities in the company. This will coincide with an effort to re-balance the audit department as the company moves from a 100% SOX-focused structure. To complete this transition, the co-sourced internal auditor will: leverage the existing base of their experience to lead and transition the audit function, build on the Section 404 support work provided by the internal audit department, incrementally re-balance the audit focus by adding risk-based audits, and transition to a fully resourced and balanced audit department.