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The New Elsmar Cove Forums   The New Elsmar Cove Forums
  Auditing
  Outsourcing Internal Audits

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Author Topic:   Outsourcing Internal Audits
selle
unregistered
posted 16 March 2001 10:09 PM           Edit/Delete Message   Reply w/Quote
what are the main factors that lead to the decision of outsourcing internal audit? what is its relevance in philippine settings?

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Al Dyer
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Posts: 622
From:Lapeer, MI USA
Registered: Oct 2000

posted 19 March 2001 02:26 PM     Click Here to See the Profile for Al Dyer   Click Here to Email Al Dyer     Edit/Delete Message   Reply w/Quote
quote:
Originally posted by selle:
what are the main factors that lead to the decision of outsourcing internal audit? what is its relevance in philippine settings?

The three main factors that come to mind are cost, experience, and bias.

COST:
Depending on the size of your company it might be more cost effective to outsource. Ongoing training costs add up quickly and probably even costlier is the cost of peoples time in performing a good audit.

EXPERIENCE:
Do you have a staff that is capable of understanding the audit process? Do you have a high turnover rate? What is the level of management buy-in?

BIAS:
This is tough to overcome, internal auditors are usually experienced employees that have engrained relationships (good or bad) that might affect the outcome of the audit. Auditors might be biased without even knowing it.

I prefer a two tiered approach that consists of an internal audit system (reviewed by upper management) that is occasionally reviewed by an outside soure.

Hope this helps,

ASD...

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barb butrym
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Posts: 637
From:South Central Massachusetts
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posted 19 March 2001 04:26 PM     Click Here to See the Profile for barb butrym   Click Here to Email barb butrym     Edit/Delete Message   Reply w/Quote
i wrote and presented a paper on that subject, would be happy to share it. it has the point of view of the company, the registrar and the consultant. Pro and Con. Don't think the location changes what you need to think about, just maybe the answers to consider.
if you were registered, I would have emailed it already !!!

Barb

[This message has been edited by barb butrym (edited 19 March 2001).]

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Al Dyer
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Posts: 622
From:Lapeer, MI USA
Registered: Oct 2000

posted 19 March 2001 04:54 PM     Click Here to See the Profile for Al Dyer   Click Here to Email Al Dyer     Edit/Delete Message   Reply w/Quote
Barb,

Could I get a copy also?

Thanks,

ASD...

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Marc Smith
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From:West Chester, OH, USA
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posted 19 March 2001 06:58 PM     Click Here to See the Profile for Marc Smith   Click Here to Email Marc Smith     Edit/Delete Message   Reply w/Quote
You migfht want to take a read through https://elsmar.com/ubb/Forum13/HTML/000041.html and https://elsmar.com/ubb/Forum13/HTML/000027.html

Also see https://elsmar.com/level2/4_17.html

These threads (and several others revealed in a forums search) address the outsourcing of internal audits question in some detail.

[This message has been edited by Marc Smith (edited 19 March 2001).]

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barb butrym
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From:South Central Massachusetts
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posted 20 March 2001 09:25 PM     Click Here to See the Profile for barb butrym   Click Here to Email barb butrym     Edit/Delete Message   Reply w/Quote
its on the way, al

anyone else, email me its easier to just reply and insert

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selle
unregistered
posted 24 March 2001 11:57 PM           Edit/Delete Message   Reply w/Quote
thanks for the offer. i've sent you an email already. in case, you haven't received it yet, you can email the materials to me at selle_lynn@yahoo.com
you're such a BIG help. thanks. i'm sure we can do good especially now that you're helping us. thanks again. God bless!

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Laura M
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Posts: 299
From:Rochester, NY US
Registered: Aug 1999

posted 26 March 2001 08:54 AM     Click Here to See the Profile for Laura M   Click Here to Email Laura M     Edit/Delete Message   Reply w/Quote
Mee too please, Barb.

Laura

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