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Many companies engage independent public accounting firms to conduct their internal audits. Some of the reasons for outsourcing the internal audit function include:
- Avoiding costs of recruiting, training, and turnover of personnel
- Minimizing costs and paying for resources only when needed
- Improving the independence of the internal audit function
- Gaining access to skilled auditors with knowledge in specific risk areas.
An outsourced internal auditor will help your company reduce business risks and improve cash flows by:
- Reviewing your internal controls and processes to insure your company has the right procedures in place to mitigate the risks.
- Training your employees on how to identify operational risks and how to implement internal controls to mitigate those risks.
- Overseeing the appropriate steps are taken to insure compliance, especially if your company operates in a highly regulated industry.
- Breaking down the company “silos” of independently operating groups or divisions.
- Insuring the organization has not deviated away from its charter and helping maintain its tax-exempt status (if your company is a nonprofit).
- Reviewing your company’s expenditures to help you find ways to reduce costs and identify negative trends.
- Preventing non-compliance issues if your company receives grants or funding from the government to help you eliminate any non-compliance issues that may prevent your organization from obtaining the funds.
Your company will gain the most from the benefits mentioned above if your outsourced internal auditing team has a keen knowledge of industry.