Pros and Cons of Outsourcing the Auditing Function?

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Pros and Cons of Outsourcing the Auditing Function?
james dangarembizi, Student (Other), Zimbabwe

What are the advantages and disadvantages of outsourcing the internal audit function of an organization?

Outsourcing Internal Audit
Pamela Patterson, Business Consultant, United States
- May be less costly
- External firm has experts
- Internal employees have more knowledge of your business
- Employees may be more open to internal auditors than external
- Incremental/ add-ons may erode cost benefit
- Process experts/knowledge is not within the business
- Non-disclosure/ ip issues need to be considered
Might consider a rotational program where internal employees rotate into internal audit for a period of time at the expense of the business in order to develop people.



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