Pros and Cons of Outsourcing the Auditing Function?

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Pros and Cons of Outsourcing the Auditing Function?
james dangarembizi, Member
What are the advantages and disadvantages of outsourcing the internal audit function of an organization?
 

 
Outsourcing Internal Audit
Pamela Patterson, Member
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.
 

 











 

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