Even the most versatile and valued organizations are bound to have some gaps in knowledge and resources. Solution-oriented business leaders appreciate and embrace the concept of supplementing resources in a variety of creative ways, including Internal Audit outsourcing, also called Co-Sourcing, which serves as a partnership between the Internal Audit team and the externally contracted professional services.

In your relentless efforts to provide quality products or services to your organization's customers, keeping the budget with your profit margin in mind, you may have enacted - or are considering enacting - an Internal Audit contract to address the needs of Your company's expert audits without watching your budget spiral out of control.

If you are new to outsourcing, this can help you know what types of supply agreements are available, in addition to Internal Audit outsourcing, to rule out other options. It is important to specifically consider the actual need and proper functioning of the Internal Audit role you need to fill for your organization:

In-House: A company maintains its own Internal Audit department.

outsourced: An Internal Audit service provider, or independent accounting firm, enters to conduct the specific Internal Audit function.

Co-Source: Internal Audit is performed in partnership with a company's internal Internal Audit department and an externally contracted Internal Audit service provider. Outsourcing allows the Internal Audit department to work with a trusted Internal Audit firm.

If you've never engaged a third-party Internal Audit Co-Sourcing professional, I can help you review some key Co-Sourcing considerations and expectations to help you get started:

·         It works within your company's professional standards.

·         Maintains institutional knowledge for future projects and assignments to avoid tracking.

·         Understands the organization's culture and works with the Internal Audit team.

·         It offers advisory services to audit committees and senior management.

·         Covers remote locations.

·         Remains in good standing with required membership and certifications in relevant professional organizations.

·         Approaches to advise the Internal Audit team to develop best practices for the Internal Audit function to streamline processes and improve accuracy.

·         Extends industry-specific knowledge to the internal audit team through scheduled and one-on-one training sessions.

·         It helps to use Internal Audit as a means of providing internal promotions to valuable organizational team members.

·         Maintains the expected knowledge base of the hiring organization for each potential engagement.

Contact TATICCA, which offers integrated auditing, internal auditing, accounting, tax, corporate finance, financial advisory, risk advisory, technology, business consulting and training services, for more information at br or e-mail and learn more. Our company has certified methodologies for carrying out activities.