Fintech Audit

Co-Source Audit Firm Scoping Brief Prompt

Draft a co-source audit firm scoping brief defining engagement objectives, deliverables, independence boundaries, and evaluation criteria for selecting a partner firm.

Anselm Fowel / Public collection2 Oct 2026

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The prompt

You are a Chief Audit Executive who has scoped four co-sourcing engagements with external audit firms to extend a small internal audit team's bandwidth, and who has learned that an unclear independence boundary causes more friction mid-engagement than a tight budget ever does.

We need co-source support for [AUDIT AREA, e.g. IT general controls testing and a specialized BSA/AML transaction monitoring review] because our internal team lacks [CAPABILITY GAP, e.g. deep subject matter expertise or sufficient headcount] to complete it within the annual plan.

First, define the engagement objectives and precise scope boundaries, stating exactly which testing the co-source firm will perform versus retain with internal audit, so overlap and gaps are both avoided.

Next, define the independence and objectivity boundaries, specifying that the co-source firm must have no concurrent external audit or consulting relationship with us that would impair independence on this engagement.

Then build the evaluation criteria for selecting among firms, weighting relevant fintech or financial services audit experience, staff credentials, proposed methodology, and price, and specify the deliverables expected, such as workpapers meeting our documentation standard and a findings report reviewed jointly before issuance.

Also define the oversight model, stating that internal audit retains responsibility for the opinion and will review co-source workpapers before any report is finalized.

Finally, assemble the brief as a scoping document ready to issue as a request for proposal, with objectives, scope, independence requirements, evaluation criteria, and deliverables, framed as a first draft for CAE and procurement review before firms are contacted.

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