Pros and Cons of Outsourcing the Auditing Function?

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

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

							  			Welcome to the Audit Trails forum. The topic being discussed here is: "Pros and Cons of Outsourcing the Auditing Function?". 
										
Would you like to sign up to read all responses and to join this discussion yourself? 

										Log in

						            	Pamela Patterson
Business Consultant, United States
												
				                Advantages and Disadvantages of Outsourcing Internal Audit

													Pros:

- May be less costly

- External firm has experts

Cons

- 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.
				                
Leave a comment?

			                            More on Audit Trails:
			                          
													            	Summary
													            
		                              Special Interest Group
		                            
		                            Do you have a keen interest in Audit Trails? Become our SIG Leader