Faced with labor shortages and an unsteady economy, more organizations that used to perform internal audit functions in-house are turning to outsourcing. However, knowing whether outsourcing an internal audit is right for your company requires thorough and thoughtful analysis. In this article, we answer a handful of the questions we most often hear from our clients to help with your deliberation.
Q: Why should we consider outsourcing our internal audit function?
A: There are a variety of reasons organizations outsource their internal audit functions, from cutting costs to labor shortages. We’ll delve deeper into other reasons throughout, but one primary motivation for outsourcing is the internal audit function’s purpose at the organization has evolved and its value has grown.
Traditionally, internal audit has been focused on compliance. But now companies are using it to help with strategy and growth. Instead of looking backward, they’re using the internal audit to look forward—as a windshield rather than a rearview mirror. It’s a valuable approach that requires experienced auditors; the kind of professionals an outsourcing provider already has on its team.