Internal Audit Outsourcing & Cosourcing
As companies strive to boost output and quality at lower cost while internal audit functions work to meet rising expectations from management, IA is becoming a prime candidate for outsourcing and cosourcing.
Why outsource or cosource internal audit?
Internal audit responsibilities continue to grow and evolve. Gone are the days of limiting IA to operational auditing; today’s internal auditor is at the center of activities, including:
Companies today face a range of challenges, such as complying with a myriad of regulatory requirements, preparing for external audits and audit reviews by the parent company, and working with evolving business models that include joint ventures, partnering arrangements, and strategic diversification.
To help you manage all of these elements effectively, your IA team must be able to navigate today’s business landscape and effectively communicate with your audit committee, executive team, and other management. Outsourcing or cosourcing IA can help you cope with this increasingly complex environment.
How we can help
Our practitioners offer professional internal audit know-how, technical and industry knowledge, and collaborative skills, allowing them to work effectively with your organization when rendering the following services:
We are ready to take on all your internal audit activities: from developing and implementing leading internal audit methodologies to testing and assessing the internal control system.
We can work closely with your in-house Internal Audit Department by tailoring resources to each engagement on an as-needed basis, leveraging our vast skill and knowledge sets.
How you can benefit
The benefits of outsourcing and cosourcing are compelling and sustained:
- All necessary capabilities are available just when you need them—no more trying to force a generalist to deliver when a specialist is needed.
- Top performers can be targeted for retention by Deloitte, preventing the loss of key knowledge and experience.
- The variable cost model allows you to scale up and down as risks dictate: Internal Audit is sized to your risk profile.
- Significant, ongoing costs associated with bonuses, benefits, and training are permanently eliminated.
- Quality improves thanks to the involvement of experts who deliver sharper insights and greater impact.
- The parent company’s travel costs are reduced by leveraging foreign-based resources with deep local knowledge and language skills.
- The parent company’s team can contribute to reviews of subsidiaries while the local side takes care of preparations for them with the help of outsourcing and cosourcing.
From a global point of view, the more a company outsources IA, the more it benefits: