Internal auditing was traditionally done mostly by in-house departments. This has evolved, and many companies today outsource their internal audit process entirely or partially.
To deliver an efficient and comprehensive service, modern internal audit functions include a diverse set of skills.
1. Full outsourcing Where the whole function is handled by an outside provider, normally a financial accounting firm, but usually not the same firm as the organization's external auditor.
2. Partial outsourcing Where less than 100% of internal audit services are procured from outside sources.
Co-sourcing will benefit the organization by providing access to specialized resources, cutting-edge audit techniques and technology, and the potential for benchmarking.
Staffing assets flexibility.
The impression that the internal auditor's independence from management will be improved.
Depending on the circumstances, outsourcing internal audits can provide better value for money.
Outsourcing a portion of an internal audit process that has been in place for a long time can be beneficial.
Internal audit functions are increasingly being outsourced, either fully or
partially. Total outsourcing, selective outsourcing, co-sourcing, and
subcontracting are all options for internal audit outsourcing.
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