This may be the best time to outsource your Internal Auditing according to Duncan Colvin, Head of Compliance
The stark reality of our current trading landscape is that we all have to make some brutal decisions about fixed salary costs. This should not, though, impact on your service or on the controls in place protecting your revenue.
Recent VAT changes mean you are likely to be able to hold onto a higher proportion of your sales and so now would appear an ideal time to protect it and ensure any leaks from misappropriation or poor practises are reduced.
Outsourcing the compliance or financial auditing function of your business, particularly at this time, offers a number of benefits.
After this temporary period of Flexible Furloughed working is over, it is likely that a number of firms will have recognised the use of being able to pay for a single day of work.
Outsourcing means that this same flexibility can continue. It may be that with cuts to units, the number of audits required falls below a sustainable level for permanent staff. A well briefed and experienced third-party audit team can complete the task to fixed costs and, I would argue, to a more objective standard.
It has long been argued third-party audit teams bring a level of independence to the process that eliminates any favourable bias or internal politics that can often creep in with internal auditing.
Your entire team will come out of lockdown closer connected as a result of the shared experience of surviving lockdown and this may add to some weakness in the auditing. At a time when some staff may need a little extra cash to help a recently unemployed partner, security should be tighter than ever. Reporting of revenue, discounts and refunds needs to be monitored closely. A third-party auditor on site will raise awareness of monitoring procedures and will help reduce losses.
There is little doubt that customers will only return to environments that are perceived as safe, well-managed and Covid-Secure.
Compliance auditing raises the level of professionalism within any unit. Setting standards for statutory management and Covid security is essential within your company. Monitoring them with on site visits is key to ensuring the high standards of management percolate through to front of house.
Venners has introduced Covid Secure working practises for our auditors and working together we can enforce protocols you have introduced.
Venners Compliance is here to support your business in these difficult times. We are happy to have a practical conversation regarding outsourcing or indeed helping to supplement your audit teams.