Outsourcing Of Internal Audit Function

OUTSOURCING OF THE AUDIT FUNCTION



Prepared for
Mr. HAIDAR MADANI

Accounting 406

Date: January 1, 2011

By
Layian Mallah
ID# 200617460

Abstract

This musical composition entrust show how important is the outsourcing of audit function. Also it will arrange the internal auditing and how could it help the organization to improve. The second section of the report which is the outsourcing of audit function will show the meaning of the outsourcing and what should be done and what to be concerned of when such an arrangement would micturate place.

TABLE OF CONTENTS

INTRODUCTION……..…………………………………………...……………..…….

I. INTERNAL AUDITING…………………………………………………………...

a. What is Internal Auditing? ……………………………………………………..
b. How Does Internal Auditing friend Organizations to Achieve Their Objectives?

II. OUTSOURCING THE AUDIT FUNCTION……..………………………………

a. The Meaning of Outsourcing the Audit Function. …………………………….

b. Outsourcing Options. …………………………………………………………..
1. panoptic Outsourcing. ………………………………………………………….
2. Partial Outsourcing. ……………………………………………………….

c. Outsourcing Contract and Some considerations. ………………………………

III. DISCUTION AND ANALYSIS. …………………………………………………

a. Argument in regard of outsourcing the internal audit function. …………………
1. Mix of skills. ………………………………………………………………..
2. Management ability. .



………………………………………………………
3. Knowledge of scoop up practices. .………………………………………………
4. Variable cost. . ……………………………………………………………...
5. Quick access. . ……………………………………………………………...
6. Reduced travel costs. . ……………………………………………………...
7. No downtime. . ……………………………………………………………..
8. No hiring and training costs. ……………………………………………….

b. Argument against outsourcing of internal audit function………………………
1. Cost. ………………………………………………………………………...
2. Training. ……………………………………………………………………
3. Experience. …………………………………………………………………
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