Internal Audit Outsourcing: Meeting the Evolving Demands of the Organization
With organizations facing increasing market volatility and complexity, Internal Audit (IA) is being asked to deliver insight and value beyond assurance — particularly in the areas of strategy execution, emerging risk, and the rising use of data analytics. Struggling to recruit and retain resources with these skill sets, many IA departments are turning to outsourcing.
In a full outsourcing arrangement, an external service provider acts as the IA function, helping to:
- Save the organization as much as 20 percent to 40 percent in costs
- Provide broader skills sets and deeper industry specialization, on an as-needed basis
- Supply intellectual capital, offering proactive insights and recommendations on leading practices
- Provide access to leading-edge tools and methodologies
- Redeploy valuable resources toward core business activities
IA functions are increasingly stretched to do more with less. Outsourcing the IA department can help meet an array of demands, from reducing costs and improving performance to boosting operational efficiency and achieving strategic goals.
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