The subject of this issue is how to use consultants when carrying out internal audit project.
A question we often receive regarding internal audits is whether it is better to use external consultants. Many companies do not use external consultants because they think it is too expensive, they have heard of many cases of failure, or they can do it on their own without consultants.
In the area of internal audit-related services that we provide, external consultants are generally referred to as,
1) Outsourcing
2) Co-sourcing
3) Consulting
and are divided into three types.
1) Outsourcing is the complete outsourcing of a company’s internal audit function to an external consultant.
2) Co-sourcing involves having them as one of the company’s internal audit members.
(3) Consulting provides support for the enhancing of the company’s internal audit and advises on the development of the internal audit system.
If you use consulting in the way described above, you can flexibly change the price and scope (scope of work) to a certain extent and provide services that match the budget and needs of each individual company. In particular, for clients with overseas operations, it is very difficult to complete global internal audits in-house, but the needs of the world and the situation are increasing, so there have been many cases over the past few years where 1) outsourcing and 2) co-sourcing are being considered.
Please consider these options.