Apart from reducing operating expenditure, many companies find that outsourcing or even co-sourcing internal audit expertise – to specialists better equipped to cater for a fast-changing regulatory environment and heightened exposure to fraud – leads to improved service levels, plus a better return on investment.
In addition to the knowledge transfer to help raise the competency of full-time employees, and a variable cost arrangement, other benefits of outsourcing or co-sourcing include access to significantly greater resources, immediate execution of work using pre-existing methodologies, plus greater objectivity and independence
Outsourcing is an attractive option for organizations that either needs to quickly establish an internal audit function or struggle to maintain a high-quality function internally, especially in light of an ever-changing regulatory environment. Organizations that don’t want to invest in appropriate levels of audit talent internally can choose to access significantly greater skills externally while having the ability to shrink or expand their internal audit activities to meet the ongoing demands of their business.
By outsourcing or co-sourcing critical elements of an internal audit function, your organization can not only reduce costs but also free up capital and key staff to refocus on core competencies, while tapping into specific skill sets, best practices, industry ,and corporate audit knowledge.
At Axcell, our experts who have more than 20 years of experience in the internal audit field, can help build on efficiency and avoid the grey zone of personnel commitments and independence, Yet at extremely competitive costs, compared to big audit firms.
Key elements to consider when assigning Axcell as outsourcing partner or co-sourcing, potential benefits might include:
- The value of greater staffing flexibility, especially as bespoke projects arise.
- Cost savings resulting from removing internal audit training and recruiting costs.
- The value of highly skilled and experienced professionals and leading technology.
- Incremental value while holding down internal costs.
- An independent overlay that external specialists bring to the audit table.
- Ongoing monitoring, compliance maintenance, and control transformation efforts to improve the business effectiveness of your internal audit function.
Outlined benefits are a few observations of material benefits, not mentioning the confidentiality which is inherent in the job itself where only the top management will be acquainted with necessary steps for improvement.[wpfai_social]