Pros and Cons of Outsourcing the Auditing Function?

      
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			            	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?
				      
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						            	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.
				                
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