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

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  Pamela Patterson, Business Consultant, United States

Advantages and Disadvantages of Outsourcing Internal Audit

- May be less costly
- External firm has experts

- 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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