Pros and Cons of Outsourcing the Auditing Function?

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james dangarembizi
Student (Other), Zimbabwe
What are the advantages and disadvantages of outsourcing the internal audit function of an organization? (...) Read more? Sign up for free

  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.

 

More on Audit Trails
Summary
Forum
Developing an Overall Audit Plan
Pros and Cons of Outsourcing the Auditing Function?
Interim Versus Final Audit?
Topics for Overall Audit Plan
🔥Internal Audit Report to my Manager
Special Interest Group

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