Where outsourcing can be successful
The traditional view of the internal audit function is a group whose mission is to be an independent department within the organization to report to management on the adequacy and strength of the internal control structure. This role changes over time and the scope of internal auditing has evolved to include not only the safeguarding of organizational value, but also include the enhancement of this value. More and more businesses are deciding to outsource ancillary or support functions to outside providers.This allows the organisation to focus on its core business functions of addressing competition and increasing its market share.
Internal Audit is one area where outsourcing can be successful.
Full outsourcing includes the performance of all internal audit activities (including risk assessment, audit planning, performance, communication/ reporting to the Audit Committee, etc.) on a recurring basis. Setting up the internal audit function for organizations who do not have that function yet, and who are pushed to do so because of regulatory requirements or just best practices.
Arkounting Professional Servicess (APS) delivers a range of advisory and consulting services that enable audit functions to:
- Enhance the quality, relevance and value of their services and deliverables
- Increase audit productivity and reduce overall costs and cycle times
- Improve client engagement, relationships, and satisfaction.