Pros and Cons of Outsourcing the Auditing Function?

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Audit Trails > Forum > Pros and Cons of Outsourcing the Auditing Function?

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

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