An analysis of the pros and cons of outsourcing internal audit services.
Written in 2009; 1,942 words; 6 sources; MLA; $ 61.95
Paper Summary:
The paper offers a brief overview of the trend in outsourcing internal auditing services and explores both the pros and the cons of outsourcing internal audit services by organizations. The paper first discusses the benefits of outsourcing the internal audit services that have enticed many companies looking to streamline their non-core business functions. The paper then looks at the drawbacks that include the challenge of mixed allegiance, the security of sensitive data and the concern that if cost-savings are reduced, competition in the industry will also be reduced.
"Despite the recent attention outsourcing has received, the concept itself is not new, not even for internal auditing. However, due to recent trends in the industry, outsourcing, including outsourcing the internal audit function, has become an increasingly utilized phenomenon. As Rittenberg, Moore and Covaleski note, outsourcing revenues grew from nearly zero to an estimated $120 billion in 2000. In fact, a report by Corbett noted that 85 percent of American organizations now purchase services that could be performed in-house (Carey, Subramaniam, Chua, and Ching)."
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